Did George Bush Raise Taxes?
The debate rages over whether our country can afford to extend the Bush tax cuts for the rich. Progressives argue that the ballooning Federal debt is a legacy of these tax cuts.
There is one unreported flaw in this argument. As data from the IRS show, George Bush did not cut income taxes. He increased them. In fact, Bush increased income taxes not only for the rich but for at least half of all tax filers. Only the poor paid less income tax under George Bush than under Bill Clinton.
WHAT?
Go to the IRS website and add up the numbers for yourself. During the eight years of the Clinton Administration the Federal government collected a total of
$5.66 trillion dollars in individual income taxes. During the eight years of the Bush Administration the Federal government collected approximately
$7.45 trillion dollars in individual income taxes.
The rich - that is, the top 1% of taxpayers - not only forked over a trillion dollars more to Uncle Sam under Bush than under Clinton, their share of the income tax burden increased from 33% to 38%.
But wait, there’s more.
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