Fuzzy Math?

This post is liberally paraphrased from a nice post at Watch Blog.

This is sure to come up at tonight’s debate: President Bush just signed a bill (that had nearly unanimous bipartisan support) extending the child tax credit, the 10% bracket expansion, and “marriage penalty” relief.
These middle-class tax cuts – widely acknowledged as having the most impact on stimulating the economy – make up less than 25% of President Bush’s total tax cuts package.
In other words, 75% of the tax cuts could be tossed, and middle- and lower-class Americans would not notice the difference.
Kerry’s plan rolls back the “only for the Rich tax cuts” and adds the following middle class tax cuts:
* College Opportunity Tax Credit. A tax credit on up to $4,000 of tuition.
* Childcare Tax Credit. A tax credit of up to $1,000 to help families pay childcare expenses.
* Health care tax credits. $177 billion of tax credits to make health care more affordable, including a tax credit of up to 50 percent for small business health insurance premiums.
Some people say that letting those tax-cuts-for-the-rich lapse would hurt entrepreneurs. Almost no entrepreneurs make more than $200,000/yr. Most entrepreneurs reinvest profits in their company at the expense of “executive” salaries.
A note about the estate tax: it only affects about 4,000 Americans or 0.000014% of the population. Please don’t let that become an issue.
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