July 07, 2006

99% of Americans Are Net Losers Under Bush Tax and Spending Policies

Last week Citizens for Tax Justice released a very telling study which finds that the "borrow-and-spend" fiscal policies of the Bush administration have saddled most Americans with a debt burden that far exceeds the value of the meager tax cuts they've received since 2001.

The study takes a close look at how the Bush administration’s fiscal policies through 2006 affect Americans. It compares the tax cuts — generally small for most families — to the gigantic debt burden imposed by these unfunded tax cuts. The analysis shows that for all but the very wealthiest United States residents, the Bush tax cuts between 2001 and 2006 are outweighed by a dramatic increase in the burden of debt on American families.

Some of the most interesting findings include:
  • From 2001 to 2006, the typical middle income American has received a tax cut totaling $1,855 per family member. But that family’s share of the added national debt burden is $8,936 per person.
  • This means that the net impact of the Bush fiscal policies on the middle 20 percent is an added burden of $7,081 per American—or $28,322 for a family of four.
To view a full analysis of this study and for a fact sheet about your own state click here.

This report was discussed by the Director of the Center on Tax and Budget Accountability, Ralph Martire in his Chicago Sun-Times column. To read his column click here.


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