Tax Cuts Once Again ‘Favor the Wealthy’

Networks fixate on tax cuts ‘for the rich’ while ignoring exploding tax revenues.

By Noel Sheppard
Business & Media Institute

While Congress hammered out a $70 billion tax-relief bill last week, the media wasted no time spinning it. After the House approved its version on May 10, the “NBC Nightly News” cited “Democratic critics [who said] the overall bill is heavily tilted in favor of the very wealthy.” At roughly the same time, the “CBS Evening News” presented a graphic to its viewers showing “for incomes of $50,000 or less, you’ll average no more than $46 in savings.”

The following day, ABC’s “Good Morning America” team offered a $20 bill to shoppers at a New Jersey mall as a cynical demonstration of how little this tax cut would help some Americans.

All totaled, the broadcast networks did 16 reports on this issue in their three-day blitzkrieg, largely with the same predictable mantra: tax cuts favor the rich. Conspicuously absent was an honest assessment of just how much lower wage earners in America have benefited from the most recent income tax changes, as well as how much the government has benefited from higher tax revenues. Read on.