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from Daily Mislead
April 15, 2004

President Bush is scheduled to tout his tax cuts today at a Tax Day event in Iowa. He is expected to repeat his oft-heard mantra that tax cuts have helped all Americans. But according to a new poll by Money Magazine, "60% of Americans said the Bush tax cut did not personally help them" (1). Meanwhile, almost half of all Americans say that their taxes have risen under Bush (2). And a look at the record shows exactly why that majority opinion is factually correct.

According to a non-partisan analysis, in the year 2006 88% of Americans will receive less than $100 from the president's 2003 tax cut (3). Additionally, the president has refused to extend the full child tax credit to 16 million children (4), including 250,000 children of military families (5). At the same time, the president's 2004 budget proposed an increase of almost $6 billion in new federal taxes and fees (6) while creating record-deficits that have forced states to raise taxes by $14.5 billion since 2001 (7). And to top it off, he has reduced IRS audits of large profitable corporations whose tax rates have plummeted (8), while increasing IRS audits of ordinary Americans (9).

Of course, there is a handful of people who are reaping a personal windfall from Bush's tax policy: President Bush, Vice President Cheney, and their top campaign donors. The president himself pocketed more than $30,000 in new tax breaks this year while the Vice President took in an extra $11,000 (10). And a new Public Campaign report shows that top Bush-Cheney contributors are raking in even more (11). For instance, Charles Cawley, CEO of credit card giant MBNA, raised more than $200,000 for the Bush-Cheney campaign and was rewarded with at least $276,000 in tax breaks. Similarly, William MaGuire, CEO of UnitedHealth Group, raised more than $100,000 for the Bush-Cheney campaign and will get at least $329,000 in new tax breaks from President Bush.

Sources: 1. "Money poll: Tax cuts unpopular", CNN Money, 04/15/2004, http://daily.misleader.org/ctt.asp?u=1208987&l=29023.
2. "ASSOCIATED PRESS POLL: Most prefer balanced budget to tax cuts", Grand Forks Herald, 04/15/2004, http://daily.misleader.org/ctt.asp?u=1208987&l=29024. 3. "Most Taxpayers Get Little Help From Latest Bush Tax Plan", Citizens for Tax Justice, 05/30/2003, http://daily.misleader.org/ctt.asp?u=1208987&l=29025.
4. "Bush Tax Plan's Child Credit Boost Leaves Behind One in Four of America' s Children", Citizens for Tax Justice, 05/29/2003, http://daily.misleader.org/ctt.asp?u=1208987&l=29026.
5. "Study: Military kids slighted on tax credit", USA Today, 06/04/2003, http://daily.misleader.org/ctt.asp?u=1208987&l=29027.
6. "Bush's 2004 Budget Proposes More Fees", Washington Post, 04/19/2003, http://daily.misleader.org/ctt.asp?u=1208987&l=29028.
7. State Budget & Tax Actions 2003, National Conference of State Legislatures, http://daily.misleader.org/ctt.asp?u=1208987&l=29029.
8. "Corporate tax burden shows sharp decline", Associated Press, 04/13/2004, http://daily.misleader.org/ctt.asp?u=1208987&l=29030.
9. "IRS More Likely to Audit Individuals", Los Angeles Times, 04/12/2004, http://daily.misleader.org/ctt.asp?u=1208987&l=29031 ome-headlines.
10. "Bushes, Cheneys Reaped Tax Benefits", Associated Press, 04/14/2004, http://daily.misleader.org/ctt.asp?u=1208987&l=29032.
11. Campaign Money Watch, 04/15/2004, http://daily.misleader.org/ctt.asp?u=1208987&l=29033.

Posted: April 21, 2004


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