SCHAKOWSKY: BUSH ADMINISTRATION MISSTATEMENT OF THE DAY TAX CUTS

July 21, 2004
Press Release

AUGUST 16, 2004

SCHAKOWSKY: BUSH ADMINISTRATION MISSTATEMENT OF THE DAY -
TAX CUTS

WASHINGTON, D.C. - U.S. Representative Jan Schakowsky (D-IL) issued "The Bush Administration Misstatement of the Day" on tax cuts.

On January 7, 2003, President Bush said about his tax cut proposal:

"This is a plan that provides tax relief to the working citizens. It's a plan that is a very fair plan." (President Bush, ABC News, 1/7/03)
But according to a report by the bipartisan Congressional Budget Office (CBO), one-third of the tax cuts in the last three years have gone to the richest one percent of households.
The Associated Press reported on August 13, 2004, that the CBO study found that "President Bush's tax cuts since 2001 have shifted more of the tax burden from the nation's rich to middle-class families."
And the Washington Post reported on August, 13, 2004, that "For the bottom 20 percent of households, the combined Bush tax cuts averaged $250 each. The middle 20 percent received $1,090, while the top 1 percent garnered $78,460, said Democrats on the Joint Economic Committee who analyzed the [CBO] report."