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10/21/2004

Middle-Class Incomes Decline Since Bush Tax-Giveaway to Wealthy

With fewer family-supporting jobs available and health care costs skyrocketing, America’s middle-income families last year had less cash in their pockets than in 2000, and those with children saw their income fall by $699, according to a new study by the Economic Policy Institute (EPI). Although President George W. Bush says his tax cuts have helped the middle class, the EPI report found job losses and rising health care costs far outweighed any benefits from the Bush tax cuts, which heavily favored the wealthy.

“Middle-income families now have less income available…to meet their needs,” says Larry Mishel, president of EPI and co-author of the study, Less Cash in Their Pockets: Trends in Income, Wages, Taxes and Health Spending of Middle-Income Families, 2000–03.

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