For almost ten years, the Bush tax cuts have been depicted by media as only helping rich people.
Now, with them set to expire, and a Democrat in the White House desperately needing a stronger economy to help him and his Party's political fortunes, the Associated Press is telling readers the truth with the following headline:
Expiring Tax Cuts Hit Taxpayers at Every LevelIf you think that's amazing, wait until you see the contents:
A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.
Wealthier families face even bigger tax hikes. A family of four making $500,000 a year would pay $10,800 more in taxes. The same family making $1 million a year would get a tax increase of $53,200.
The estimates are based on total household income, including wages, capital gains and qualified dividends. The estimated tax bills take into account typical deductions at each income level.
Okay, so putting this in reverse, doesn't that mean that when these tax cuts were first implemented - you know, when that awful Republican named George W. Bush was president! - a typical family of four with a household income of $50,000 a year saved $2,900 per annum as a result? And a family making $100,000 a year saved $4,500?
Gosh, that means these tax cuts weren't just for the rich as virtually every media outlet in America has been claiming since they were first proposed.
Makes you wonder how such organizations can stay in business when they do such a terrible job.