The year was 2000 and the candidate George W. Bush stated he would cut taxes that would help the Middle Class.
There was a surplus in the USA Treasury at that time, established by the Clinton/Gore administration.
So, Bush decided he'd 'buy' the electorate. The promise to give the lower tax brackets the biggest percentage reductions didn't really work out the way most people thought. Bush somehow mixed up his words when he actually meant the HIGHER TAX BRACKETS would receive the biggest percentage of reductions.
I knew I heard those words before. At least when I heard them when Bush said it, it was believable with a USA Treasury surplus existing.
...Cut Taxes and Make The System Fairer. (click title to entry - thank you)
The Bush economic plan saves over half the surplus to strengthen Social Security and reduce the national debt, and saves over 10% of the surplus for important priorities like education, national defense and health.
This still leaves a quarter of the surplus for much needed, long-overdue tax relief. Governor Bush’s goal is to make it easier for people to join the middle class by cutting taxes and making them fairer.
The Governor’s tax cut will reduce tax rates for every taxpayer, double the child tax credit, slash the marriage penalty, expand deductions for charitable giving, make the research and development tax credit permanent and end the death tax. The biggest percentage reductions go to those in the lower tax brackets because they often face higher marginal tax rates than the wealthy. Taxpayers earning below $50,000, will see their income tax bills cut by over 20% on average. Some politicians say America cannot afford a tax cut in this time of prosperity. Governor Bush says if we leave the money in Washington, it will spent on more government and that giving it back to taxpayers through cuts and reforms is an important insurance policy to help guarantee continued prosperity....
