Sunday, February 14, 2016
“People are supporting me because I have a proven record of conservative leadership where I cut taxes $19 billion over eight years.”
Not True using creative math. be
— Former Florida governor Jeb Bush (R), GOP debate on CNN, Sept. 16, 2015
— Bush, Wall Street Journal op-ed, Sept. 8, 2015
When Martin A. Sullivan, chief economist at Tax Analysts, calculated revenue changes without the estate tax credit and in nominal dollars, he arrived at a lower figure: a $13.04 billion reduction.
The largest portion of Bush’s claimed tax savings came from the “intangible tax,” levied on assets like stocks and bonds. As PolitiFact Florida pointed out, that calls into question who exactly the cuts benefited — the average person, or the rich.
Bush repeatedly says that he cut $19 billion in taxes. But the figure he uses is cumulative state revenue changes as a result of state and federal decisions, adjusted into 2007 dollars. (Economists say it’s fair to use 2007 dollars.) The majority of the figure represents revenue changes from tax and non-tax legislative actions during his tenure as governor. He then adds revenues the state would have received if the federal estate tax credit had not been phased out. His campaign says he should get credit for not fighting the repeal like other states did. But Bush did not enact this cut in state tax revenues.
Posted by Barbara at 9:55 AM
Labels: Fact Checker: Jeb Bush’s misleading claim that ‘I cut taxes’ by $19 billion over eight years