HOLD BUSH AND CHENEY ACCOUNTABLE


THE LYING, LYING CORPORATE MEDIA

The corporate media are running around like Chicken Little and squawking, "Tax increase, tax increase." They're spinning President Obama's proposals as a massive tax increase in a time of recession. What they aren't mentioning is that the majority of us are getting tax cuts. The tax increases are only on people making $200,000 and above. And the tax increases aren't draconian. They're the same rates people paid during the 1990's. This article by Jamison Foser is at www.mediamatters.org:

Last week, President Obama unveiled a budget outline that extends the Bush tax cuts for all but the top two percent of taxpayers and makes permanent a tax credit of up to $800 for low- and middle-income workers that was included in the recent stimulus package, among other tax cuts.

On the other hand, individual taxpayers with taxable income above $200,000 ($250,000 for families) per year would pay more in taxes under Obama's plan, under which the tax rates paid on income in the top brackets would revert to their levels under President Clinton in the 1990s -- from 33 and 35 percent to 36 and 39.6 percent. Slate.com's Daniel Gross estimates that for someone with $350,000 in income, this will amount to about $1,500 a year in increased taxes.

So: Obama's plan cuts taxes for the vast majority of Americans, while raising them for the small number of people who make more than $200,000.

But the media, eager to hype their bogus "war on the wealthy" storyline, have portrayed it as a tax increase.