CAMPAIGN SAYS MILLIONS OF MIDDLE CLASS FAMILIES WILL SEE BIG RELIEF
This is the proposal Bush claims will result in annual economic growth of greater than four percent each year of his administration (a level of economic expansion not seen in this country since 2000). Bush also claims his plan will create 19 million new jobs.
Do we believe either of these claims? Um, no.
But Bush has “top men” on his team, so …
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Bush’s proposal revolves around compacting the nation’s seven individual income tax brackets – which range from 10 percent to 39.7 percent – into three brackets (28 percent, 25 percent and 15 percent).
Here’s how those brackets would break down …
In addition to big tax cuts for upper-income Americans (and the expansion of tax breaks for lower-income earners), Bush says his compacted brackets will also provide relief to middle class taxpayers. Specifically, the campaign says “more than 42 million middle class families will get a 33 percent cut in their income tax rate.”
Also, Bush’s campaign claims that a family of four making less than $40,000 would pay no federal income tax whatsoever.
To view the documents Bush’s campaign provided us, click on the links below …