WV Center on Budget and Policy > Blog > Uncategorized > Daily Mail says that the Earth is Flat

Daily Mail says that the Earth is Flat

While the Daily Mail didn’t really say the earth is flat, their editorial this morning on Bush’s tax cuts reflects the same logic. They argue that Bush’s tax cuts fueled the economic recovery after the 2000/2001 recession, that the cuts haven’t added to the deficit, and that the tax cuts really helped the non-rich. As most people already know, the economic recovery – which was the weakest post-war recovery on record – was fueled by the housing bubble, not tax cuts.

As for the deficit, let’s bring out this little chart once again.

The real stunner in this editorial is that that Bush tax cuts have significantly helped most West Virginians. They even argue that the Estate Tax reductions helped non-rich West Virginians. This is pure poppycock, as the British are fond of saying.

Under the Republican proposal to extend Bush’s tax cuts, over 84 percent of the cuts would go to those with annual income over $60,000.

As CTJ, shows in this report :

  • Under the Republican approach, the bottom 60 percent of West Virginia taxpayers would pay $117 more in 2011, on average, than they would under President Obama’s approach.
  •  Under the Republican approach, the richest one percent of West Virginia taxpayers would pay $18,069 less in 2011, on average, than they would under President Obama’s approach.
  • Under the Republican approach, the richest one percent of West Virginia taxpayers would receive 23.9 percent of the total tax cuts going to the state in 2011.

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