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Let's review the Bush tax cuts for everyone out there who only hears sounds bytes and don't look at facts.
Back in 2001 the tax bracket was 15% and became 10% (33% cut).
The second bracket was 27.5% and became 15% (45% cut).
The third bracket was 30.5% and became 25% (18% cut).
The fourth bracket was 35.5% and became 28% or 33% (an extra bracket was created, but the cut was 21% at the lower end of this income bracket and 7% at the higher end).
The highest bracket was 39.1% in 2001 and became 35% (for a tax cut of 10.5%).
Please note that the greatest tax cuts were on the low end of the income scale (low and middle income people). This is why the share of federal income taxes paid by the top 10% of income earners increased from 65% in 2001 up to 71% in 2006.
I have heard the "tax cuts for the wealthy" mantra for years. Of course, we had to listen to people spout off about the 2008 candidates cutting taxes when neither one was cutting taxes - Bush actually did exactly what he campaigned on and gets criticized for it endlessly.
I was not a Bush supporter in any way. These are just the facts. Like it or lump it.
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