Bush Tax Cuts caused wealthiest to pay more
If you had told me this, I wouldn’t have believed it. President Bush’s tax cuts have lowered the tax burden on the nation’s middle class and increased the taxes paid by the wealthiest Americans. Seriously.
A report from the nonpartisan Congressional Budget Office…shows that Bush’s tax cuts have been “progressive” — that is, they have shifted the share of the overall federal income tax burden toward the wealthy and away from lower-income earners….. The report also shows that Bush managed to craft a tax reduction package that even benefits the lowest-earning taxpayers who already pay what amount to negative income taxes. That’s right, thanks to various refundable tax credits, before the Bush tax cuts the lowest-earning 20 percent of income earners not only paid no income taxes — on average they received money from the Internal Revenue Service.
What does all this mean? It means that President Bush was right – when you let people keep their money, they’ll use it to increase their wealth. It is a conservative economic principle that has proved to be true every single time.