SOAK THE POOR
August 31, 2006
The Treasury Department recently issued a news release showing that the very people opponents of the Bush tax cuts purport to be so concerned about will see their tax bills go up if the tax cuts are not made permanent, says Investor's Business Daily (IBD).
If the tax cuts lapse, the tax bills for many Americans who can use the relief will rise in 2011, including:
- A family of four with two children making $56,300 in 2011 will be hit with a tax bill that's bigger by $2,092, a 132 percent hike.
- That same family making $67,600 a year — still not rich — would see its tax bill go up by $1,858, an increase of 58 percent.
- Women will see an average hike of $1,970, affecting around 84 million taxpayers.
- Single women with children will see a $1,062 rise in taxes.
- Small-business owners will pay an additional $3,637 in taxes.
The untold story of the Bush tax cuts is the fact that they wiped millions of poor and low-income Americans off the income tax rolls, says IBD. A large block went from paying small tax bills to paying no income taxes at all. As many as 43 million Americans, nearly a third of all taxpayers, now have no income tax liability.
The myth that the Bush tax cuts boosted the rich at the expense of the poor and middle class has been proven false, says IBD. The reflexive opposition to tax cuts to incite jealousy among economic classes is as harmful as it is outdated.
Source: Editorial, "Soak The Poor," Investor's Business Daily, August 31, 2006.
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