Sunday, February 08, 2004
From the Center of American Progress' Progress Report from today, outlining "Claim vs. Fact" in Bush's MTP interview:|
CLAIM: "But what the people must understand is that instead of wondering what to do, I acted, and I acted by cutting the taxes on individuals and small businesses, primarily. And that, itself, has led to this recovery."Just a little something for those readers who may be trying to start a small business.
FACT – BUSH TAX CUTS HAD LITTLE EFFECT ON SMALL BUSINESS OWNERS The Bush tax cuts had little effect on small business owners. Under the first tax cut, the Center on Budget and Policy Priorities reports, small business owners "would be far more likely to receive no tax reduction whatsoever from the Administration's tax package than to benefit" because only 3.7% of small business owners are affected by the top tax rate cuts that were the bulk of the plan. Under the 2003 tax cut, the Urban Institute-Brookings Tax Policy Center estimates "nearly four out of every five tax filers (79%) with small business income would receive less than the amount" while "52% of people with small business returns would get $500 or less." [Source: CBPP, 5/3/01; CBPP, 1/21/03]
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