For Immediate Release
Thursday, May 01, 2003
Bush Tax Scheme Equals Big Checks for Big Shots In Bush Administration
WASHINGTON —Top Bush officials, including Vice President Dick Cheney, would benefit greatly if Congress passes President Bush's second tax cut. That's according to a new study on the dividends portion of the President's $726 billion tax plan released today by the American Federation of State, County and Municipal Employees (AFSCME), USAction and Citizens For Tax Justice (CTJ).
Treasury Secretary John Snow tops the list with a $275,000 windfall from the break on dividends. Secretary of Defense Donald Rumsfeld could pocket an extra $184,000. And not far behind is the $181,000 that could go to Secretary of Commerce Don Evans.
AFSCME International President Gerald W. McEntee said, "This President is trying to pass off his tax breaks as a sound plan for economic growth, when the only growth I see is in his millionaire friends' bank accounts — at a huge cost to working families.
"These tax breaks are not just unfair — they're unwise. Our nation is suffering from the worst fiscal crisis in decades and we've lost 1.5 million jobs since the President took office. Now is not the time for these kinds of tax cuts," McEntee added.
USAction Executive Director Jeff Blum said, "My daughter's high school has hundreds more students than it was built for — and it's not the only one. Our nation cannot afford to give billions of dollars away so that Treasury Secretary Snow can pad his bank account. We need that money to fund our schools, health care, homeland security and other critical services."
Conducted by CTJ, the study's results are based on the most recent disclosure statements available and reflect only dividend breaks and not the total tax breaks, which would be much greater, under the Bush plan.
- Chart showing how Bush administration officials benefit from dividend tax break. Source: Citizens for Tax Justice
- Multi-Million Dollar Tax Savings for Top Executives — U.S. House of Representatives
