I got a refund because I made less money in interest.
President Bush is scheduled to tout his tax cuts today at a Tax Day event in Iowa. He is expected to repeat his oft-heard mantra that tax cuts have helped all Americans. But according to a new poll by Money Magazine, "60% of Americans said the Bush tax cut did not personally help them"1. Meanwhile, almost half of all Americans say that their taxes have risen under Bush2. And a look at the record shows exactly why that majority opinion is factually correct.
According to a non-partisan analysis, in the year 2006 88% of Americans will receive less than $100 from the president's 2003 tax cut3. Additionally, the president has refused to extend the full child tax credit to 16 million children4, including 250,000 children of military families5. At the same time, the president's 2004 budget proposed an increase of almost $6 billion in new federal taxes and fees6 while creating record-deficits that have forced states to raise taxes by $14.5 billion since 20017. And to top it off, he has reduced IRS audits of large profitable corporations whose tax rates have plummeted8, while increasing IRS audits of ordinary Americans9.
Of course, there is a handful of people who are reaping a personal windfall from Bush's tax policy: President Bush, Vice President Cheney, and their top campaign donors. The president himself pocketed more than $30,000 in new tax breaks this year while the Vice President took in an extra $11,00010. And a new Public Campaign report shows that top Bush-Cheney contributors are raking in even more11. For instance, Charles Cawley, CEO of credit card giant MBNA, raised more than $200,000 for the Bush-Cheney campaign and was rewarded with at least $276,000 in tax breaks. Similarly, William MaGuire, CEO of UnitedHealth Group, raised more than $100,000 for the Bush-Cheney campaign and will get at least $329,000 in new tax breaks from President Bush.