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New Report Shows Bush Tax Policy Costly for Pennsylvanians
99 Percent of Pennsylvanians Are Net Losers
HARRISBURG, Pa., June 29 /PRNewswire/ -- The fiscal policies of the Bush administration have saddled Pennsylvanians with a debt burden of $8,876 per person over the past six years, according to a new study released today by the Washington, D.C.-based Citizens for Tax Justice (CTJ). The increased debt burden far exceeds the value of the tax cuts they've received since 2001, which average $1,862 for middle-income Pennsylvanians.
Because every penny of the Bush administration's tax cuts has been paid for with borrowed money, it ultimately must be paid by taxpayers through tax hikes or spending cuts.
"For most Pennsylvanians, for every $1 tax cut received over the last six years, we are saddled with $3.69 of federal debt," says Sharon Ward, executive director of the Pennsylvania Budget and Policy Center. "We're living on borrowed dime."
The CTJ report shows that when both the direct tax cuts and indirect debt hikes are accounted for side-by-side, the wealthiest 1 percent of Pennsylvanians are the only group left better off as a result of the Bush fiscal policies. For this group, a total six-year tax cut averaging $68,701 per person outweighs a debt burden of $43,757.
The other 99 percent of Pennsylvanians receive a total six-year tax break averaging $2,624 per person but also face an added debt burden of $9,672.
"This report shows what most of us already knew: that there's no such thing as a free lunch. Low- and middle-income Pennsylvanians are paying for the huge tax cuts going to the wealthiest 1 percent of Americans," said CTJ Director Robert S. McIntyre.
"If you ask most Pennsylvanians if they want tax cuts that primarily benefit the wealthy, paid for through cuts in Federal spending in education, student loans and health care, the answer would be no," said Ward.
To view the full report online visit: http://www.ctj.org/debt.htm.
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