Newsweek's Tax-cut Hit Piece


iconSince I'm probably one of the few people in Metro D.C. that subscribes to the Washington Times, I was going to try to underscore their review of a Newsweek tax cut hit piece. But it looks like Jay Bryant beat me to it.

Newsweek identified three families, one of which made $32,400 in 2003, the second $73,411 and the third $194,000. Each of the three was quoted, bitching about how they hadn't gotten anything out of the Bush tax cuts. But the Times analysis shows that the single-income-mom low income family actually benefited $1,000, or 45% from the cuts, while the middle income folks saved $2,800 (44%) and the high income earners, who told Newsweek all the tax cut benefits must have gone to the "major corporations who are downsizing and outsourcing,"; received at least $6,899 in Bush tax reductions.
Bryant adds an exclamation point to the Times Op-Ed by noting that Tax Freedom Day came on April 11th, the earliest year since 1967.

For those of you that don't know, Tax Freedom Day is the day of the year after which all of your taxes are paid. That means that every dollar up until April 11th goes to pay your taxes, and every dollar after that you get to keep. Tax Freedom Day measures the taxes of Americans, not greedy corporations, not the evil rich, not outsourced foreign laborers from third world countries. No matter what Newsweek says, on average taxes for you, me, and that guy over there are getting lower, and that's a good thing.


Category:  Blaming the Media
Comments (2)      top   link me

Comments

I was happy with the tax cut that we got (we fall somewhere the middle income bracket). All I had to do was look at the taxes we paid, and the government kept last April - then look at what we made and the government kept this April.

Although I still think they keep too much, they certainly kept less than before. We immediatly spent the money on furniture (which we have never bought), so it back into circulation helping the economy recover.

Posted by: bogie at April 13, 2004 2:56 PM

Hmmm...anyone want to give odds on Newsweek publishing a correction vs their pulling a NY Times/Krugman impression?

Posted by: Heartless Libertarian at April 13, 2004 6:43 PM

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