At a recent fundraiser, a group of well heeled Democratic contributors were told: "Many of you are well enough off that ..... the tax cuts may have helped you. We are saying that for America to get back on track, we are probably going to cut that short and not give it to you. We are going to take things away from you on behalf of the common good."If these campaign contributors believe the tax relief affected only a few rich people, they are wrong.
If none of this tax relief had become law in 2004, 111 million Americans would pay on an average of over $1,500 more in taxes, 49 million married couples would pay over $2,600 more in taxes, 11 million single women with children would pay over $900 more in taxes, 14 million elderly individuals would pay over $1,800 more in taxes, nearly 5 million individuals and families who currently have no income tax liability would have to pay the income tax.
The fact is middle-class families, small business owners, who have created most of our 1 ½ million new jobs this year, are not rich as some of our friends would have us believe.