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Joe Biden got a pass from the media for the myriad whoppers he told about his policies in Thursday night’s town hall. But one that we can’t let slide was his claim that he only intends to make people earning more than $400,000 “pay what they did in the Bush Administration—39.6%.”
Where to begin? The Bush tax cuts in 2001 and 2003 cut the top individual tax rate to 35% from 39.6%. A 2012 deal between the Obama Administration and House Republicans extended the Bush tax cuts for the middle class while returning the top rate.