Professional Documents
Culture Documents
On September 9, former Florida Gov. Jeb Bush (R) released a tax plan that he pledged
would unleash 4% growth.1 While Bush took pains to emphasize that his plan would
benefit working familiesmuch like many of his opponents for the 2016 Republican
presidential nominationthe Bush tax plan is a huge giveaway to the countrys wealthiest at the expense of future generations. Additionally, the conservative economists who
are lined up to validate the Bush tax plan claim that the plan will substantially boost economic growtheven though analysis of economic performance during former President
George W. Bushs term suggests that the plans growth claims are highly inflated.
1 Center for American Progress Action Fund | The Bush Tax Plan
2 Center for American Progress Action Fund | The Bush Tax Plan
have increased real GDP per person, which only grew 0.69 percent per year.14 Even if we
assume that theentire increase in GDP per person reflectedGeorge W. Bushs tax and
regulatory policiesleaving room for no other key drivers of economic growth, such as
technology improvementsthe previous Bush-Hubbard-Warsh agenda still could not
produce 0.8 percentage points higher annual GDPgrowth.
Jeb Bushs tax plan may differ from his brothers tax cuts, but this tired rationale for selling tax cuts should not be used again after it has been consistently debunked.15
Although Bush and his super PAC have boasted the theme of a right to rise as a central
campaign message, his tax plan proves that his policy priorities are squarely focused on
improving the fortunes of the countrys wealthiesteven though future generations will
be left with the bill.
Ryan Erickson is the Associate Director of Economic Campaigns for the Center for American
Progress Action Fund. Brendan V. Duke is a Policy Analyst for CAP Action.
Endnotes
1 Jeb Bush, My Tax Overhaul to Unleash 4% Growth, Wall
Street Journal, September 8, 2015, available at http://
www.wsj.com/articles/my-tax-overhaul-to-unleash4-growth-1441754195.
2 Backgrounder: Jeb Bushs Tax Reform Plan: The Reform and
Growth Act of 2017, September 9, 2015, available at https://
jeb2016.com/backgrounder-jeb-bushs-tax-reform-plan/.
3 Thomas L. Hungerford, Taxes and the Economy: An
Economic Analysis of the Top Tax Rates Since 1945
(Washington: Congressional Research Service, 2012),
available at http://graphics8.nytimes.com/news/
business/0915taxesandeconomy.pdf; Andrew Fieldhouse,
A review of the economic research on the effects of raising
ordinary income tax rates (Washington: Economic Policy
Institute, 2013), available at http://www.epi.org/publication/raising-income-taxes/.
4 Backgrounder: Jeb Bushs Tax Reform Plan.
5 Congressional Budget Office, The Distribution of Household Income and Federal Taxes, 2011 (2014), available at
https://www.cbo.gov/publication/49440.
6 Ibid.
7 Backgrounder: Jeb Bushs Tax Reform Plan.
8 Internal Revenue Service, The 400 Individual Income Tax
Returns Reporting the Largest Adjusted Gross Incomes Each
Year, 1992-2012, IRS Statistics of Income Tables, available at
http://www.irs.gov/pub/irs-soi/12intop400.pdf.
9 Harry Stein, How the Government Subsidizes Wealth Inequality (Washington: Center for American Progress, 2014),
available at https://www.americanprogress.org/issues/taxreform/report/2014/06/25/92656/how-the-governmentsubsidizes-wealth-inequality/.
3 Center for American Progress Action Fund | The Bush Tax Plan