Report: Bush Tax Cuts Gutted Americans' Incomes 6.6 Trillion Dollars

http://www.dailykos.com/story/2014/07/11/1313326/-Report-Bush-Tax-Cuts-Gutted-Americans-Incomes-6-6-Trillion-Dollars?detail=email#

"According to an analysis by Pulitzer-Prize winning reporter David Cay Johnston, formerly of the New York Times, the Bush tax cuts, touted as a harbinger of prosperity by the Republican Party, actually robbed each American taxpayer of $48,000 in pre-tax personal income during the twelve years of their existence, for a total of approximately 6.6 trillion dollars.

This is more than enough to pay for every student loan, car loan, and credit card debt in the U.S, while still leaving 2.4 trillion dollars in the pockets of Americans. It is the equivalent of an extra 11 dollars a day lost to each American taxpayer over the last twelve years.

Johnston analyzed rates of long term average personal incomes as reported by American taxpayers from 2000-2012, adjusting for inflation and population growth. His tables are contained in this article:

In 10 of the 12 years when the Bush tax cuts were in effect, the average income shown on tax returns was lower than in 2000. In the two upside years, average income rose modestly, up $504 for 2006 and $1,744 for 2007.
Total those 12 years and the net shortfall per taxpayer comes to $48,010.

He notes that after twelve years of tax cut mania average real hourly wages are now 6% less than they were in 1972-1973.
Less than they were forty years ago. Where did the money go?

Of the total national increase in income in 2012 over 2009, an astonishing one-third went to just 16,000 households, and almost 95 cents of each dollar went to the top 1 percent, while the bottom 90 percent lost ground..."

(more and links to study at site)

Thank God Obama came along and restored the American worker's pay..... oh that's right - he hasn't!  But, that too, must be Bush's fault.  And, if the Pulitzer-Prize winning reporter David Cay Johnston cared to to do his research he would concur.

Obama has, however, increased the money in the pockets of the non-working.  Just look at unemployment comp and the increase in SNAP participants during the Obama administration.