Subject: FACT CHECK: Jeb Bush's Recycled Failed Policies Put Himself First -- and the Middle Class Last
From: DNC Press <[email-masked]>
To: DNC Press <[email-masked]>
Date: Tue, 8 Sep 2015 17:58:32 +0000

<http://factivists.democrats.org/fact-check-jeb-bushs-recycled-failed-policies-put-himself-first-and-the-middle-class-last/>

FACT CHECK: Jeb Bush's Recycled Failed Policies Puts Himself First - and the Middle Class Last

In a new ad today released by the Bush campaign, Jeb Bush reminds Granite Staters what to expect from a Bush presidency: that Jeb Bush will put himself and people like him over everyday Americans, and that he will continue to recycle the failed policies of the past that leave the middle class behind.

"Jeb Bush's economic policies are, and have always been, geared towards helping those at the very top. As governor of Florida, Jeb Bush slashed taxes by billions, largely benefitting the wealthy and corporations, and since leaving office, he has leveraged his family name to reap profits for himself and cashed in on Wall Street. We already know what to expect from a Bush presidency because we have experienced it before - disastrous economic and foreign policies that made us weaker at home and abroad. We can't afford another Bush, or the top-down Bush policies, in the White House." - DNC spokeswoman Christina Freundlich

Claim

Fact

BUSH: We have an important choice to make about the direction of our country. If you want more DC politicians, or more self-promoters, you've got options. I'm offering something different. Leadership, ideas, and a proven conservative record.

ONSCREEN: JEB BUSH

BUSH: As governor I cut taxes

ONSCREEN: "$19 BILLION IN TAX CUTS" THE WALL STREET JOURNAL, 2/18/15

JEB BUSH CUT TAXES FOR THE WEALTHY AND BUSINESSES AS GOVERNOR

National Journal: Under Jeb Bush's Tax Policy, "The Richest Slice Of Floridians Benefited The Most," As He Eliminated A Tax On Stocks, Bonds, And Other Financial Instruments Borne By "The Wealthiest 4.6 Percent Of Residents" That Was "The Only Progressive Levy Florida Had." "But the issue that most directly affected Floridians' income was [Jeb] Bush's tax policy, and in that area, the richest slice of Floridians benefited the most. Bush ultimately succeeded in eliminating a tax on stocks, bonds and other financial instruments. But because savings and checking accounts, retirement accounts, and investment holdings totaling less than $60,000 for a married couple were exempt, the tax was actually borne by the wealthiest 4.6 percent of residents-those rich enough to have substantial investments outside of their 401(k)s and IRAs. In a state without an income tax, it was the only progressive levy Florida had." [National Journal, 4/30/15<http://www.nationaljournal.com/2016-elections/jeb-bush-income-inequality-20150430>]

HEADLINE: "As Governor, Jeb Bush Catered Tax Cuts To The Wealthy." [Tax Analysts, Martin Sullivan, Forbes, 4/21/15<http://www.forbes.com/sites/taxanalysts/2015/04/21/as-governor-jeb-bush-catered-tax-cuts-to-the-wealthy/>]

Forbes: Jeb Bush's Intangibles Tax Cuts Were "By Far The Largest Component" Of His Tax Cuts, "Larger Than The Combined Cuts In Sales Taxes, Property Taxes, And The Corporate Tax." "Data compiled by Tax Analysts show that cuts in intangibles taxes were by far the largest component of legislated revenue reductions enacted during Jeb Bush's eight years as governor. Official estimates of revenue legislation in Florida cover the first two years of enactment. Figure 1 divides those two-year estimates of legislation enacted in each year into two categories: reduction in the intangibles tax and all other revenue legislation. Figure 2 sums up over eight years the estimates shown in Figure 1. Cuts in the intangibles taxes were three times larger than cuts in any other category. Cuts in intangibles taxes were larger than the combined cuts in sales taxes, property taxes, and the corporate tax." [Tax Analysts, Martin Sullivan, Forbes, 4/21/15<http://www.forbes.com/sites/taxanalysts/2015/04/21/as-governor-jeb-bush-catered-tax-cuts-to-the-wealthy/>]

*         Intangibles Tax Was Levied On "Stocks, Bonds And Notes Largely Held By Well-Off Investors." "TAX BREAKS Bush wants to give Floridians the second-largest tax break in state history - a $578 million package including a weeklong tax-free shopping holiday, repeal of a per-drink tax on alcohol and a continued phaseout of the intangible tax on stocks, bonds and notes held largely by well-off investors. Lawmakers also want to make more goods tax-free - from baby and adult diapers, infant car seats and smoke detectors to the kibble greyhounds eat." [Miami Herald, 3/5/00]

*         Forbes: "When It Comes To Tax Policy, The Bush Family Has One Thing In Common: They Like To Cut Taxes On Investors." [Tax Analysts, Martin Sullivan, Forbes, 4/21/15<http://www.forbes.com/sites/taxanalysts/2015/04/21/as-governor-jeb-bush-catered-tax-cuts-to-the-wealthy/>]

AND FLORIDA INCOME INEQUALITY WORSENED SIGNIFICANTLY DURING JEB BUSH'S TENURE

1998-2006: Average Income Of The Richest 5 Percent Of Florida Families Increased By 22.1 Percent, While The Average Income Of The Poorest Fifth Of Florida Families "Did Not Change Significantly." [Florida Fact Sheet, "Pulling Apart: A State-By-State Analysis Of Income Trends," Center on Budget and Policy Priorities, 4/9/08<http://www.cbpp.org/cms/?fa=view&id=255>]

2006: Average Income Of The Top 5 Percent Of Florida Families Was 12.6 Times That Of The Bottom 20 Percent. "Over the last two decades or so more of the wealth generated in Florida is going to fewer families. The incomes of the top 5% of families have risen by 56%, while the increase for the bottom 20% has been 15%, slightly less than the increase for middle income families of 16%. The gap between the wealthiest and poorest families has been widening. In 1987-1989 the average income of the top 5% was 9.4 times the bottom 20%, and by 2004-2006 it had grown to 12.6 times." ["The Growing Divide: Income Inequality and its Effects on Florida's Families," Florida International University Research Institute on Social and Economic Policy, 4/9/08<http://web.archive.org/web/20081230081942/http:/www.risep-fiu.org/reports/Growing_Divide_2008.pdf>]

BUSH: cut spending

ONSCREEN: "BUSH CUT SPENDING THE MOST" FOX NEWS, 8/28/15

JEB BUSH SAW FLORIDA'S OUTSTANDING DEBT INCREASE BY BILLIONS, DEBT SERVICE PAYMENTS INCREASE BY MILLIONS

Jeb Bush Saw Florida's Outstanding Debt Rise From $15 Billion To Over $23 Billion While He Was In Office And The State's Annual Debt Service Payments Rose From $928 Million To $1.7 Billion. "Running for re-election last year, Gov. Scott never let a day pass without reminding voters that he had paid down Florida's outstanding debt, in contrast to rival Charlie Crist. 'Crist maxed out the state credit card. Scott reduced state debt by $3 billion,' one TV ad intoned, noting that debt rose by $5.2 billion while Crist was governor during the global recession. Paying down Florida's debt is not something Bush can boast about. While he was in office, Florida's outstanding debt rose from $15 billion to more than $23 billion. The state's annual debt service payments rose from $928 million to $1.7 billion. 'There's no question he was a borrow-and-spend conservative. That's who he was,' said former state Sen. Dan Gelber of Miami Beach, a Democrat who contends Bush was much more a genuine social conservative than a fiscal conservative." [Tampa Bay Times, 5/1/15<http://www.tampabay.com/news/politics/stateroundup/what-you-dont-know-about-jeb-bushs-economic-record/2227912>]

BUSH: balanced budgets

ONSCREEN: 8 BALANCED BUDGETS

JEB BUSH WAS CONSTITUTIONALLY REQUIRED TO BALANCE THE BUDGET

Florida Constitution Required That The Governor Ensure That "No Deficit Occurs In Any State Fund." "Florida Constitution Provision shall be made by law for raising sufficient revenue to defray the expenses of the state for each fiscal period. Article 7, Section 1(d): Statutes: All appropriations shall be maximum appropriations, based upon the collection of sufficient revenues to meet and provide for such appropriations. It is the duty of the Governor, as chief budget officer, to ensure that revenues collected will be sufficient to meet the appropriations and that no deficit occurs in any state fund." [State Constitutional and Statutory Requirements for Balanced Budgets, National Conference of State Legislatures, accessed 7/8/15<http://www.ncsl.org/research/fiscal-policy/state-constitutional-and-statutory-requirements-fo.aspx>]

BUSH: and Florida led the nation in job creation

ONSCREEN: "LED THE NATION IN JOB CREATION FROM 2000 TO 2007" THE WASHINGTON POST, 1/7/07

JEB BUSH'S FLORIDA GREW AT 4 PERCENT DUE LARGELY TO HOUSING BUBBLE

HEADLINE: "A Housing Bubble Made Jeb Bush Look Great - And Then It Tanked Florida's Economy." [Washington Post, 6/16/15<http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/16/a-housing-bubble-made-jeb-bush-look-great-and-then-it-tanked-floridas-economy/>]

Economist At The Conservative American Enterprise Institute: A "Huge Stretch" For Jeb Bush To Maintain Florida's Economy During His Tenure Was A Model For The Nation, Adding It Likely Could Not Be Replicated "In Any Sustainable Fashion." "It is a 'huge stretch' for Bush to hold up Florida's growth as a model for the country, said Stan Veuger, an economist at the conservative American Enterprise Institute who is not affiliated with any presidential campaign. 'I don't think you can replicate that growth, from a state with one of the hottest housing markets in the nation, in any sustainable fashion,' he said." [Washington Post, 7/27/15<http://www.washingtonpost.com/business/economy/under-jeb-bush-housing-prices-fueled-floridas-boom-then-it-all-went-bust/2015/07/27/3cb40da2-2409-11e5-b72c-2b7d516e1e0e_story.html>]

Wall Street Journal: "The Trouble Is, Say Some Economists, [Jeb] Bush's Florida Growth Record Was Based In Large Part On A Housing Bubble...That Exploded The Year He Left Office In 2007." "Former Florida Gov. Jeb Bush says he can deliver 4% annual economic growth as president - about twice as fast as the U.S. has been growing recently. Why is he so confident? During his 1999-2007 tenure as governor, Florida grew 4.4%, his campaign boasts. Today it even unveiled a cute graphic illustrating the claim. The trouble is, say some economists, Gov. Bush's Florida growth record was based in large part on a housing bubble - national in scope but particularly frothy in Florida - that exploded the year he left office in 2007." [Wall Street Journal, 7/7/15<http://blogs.wsj.com/washwire/2015/07/07/floridas-economic-leap-under-jeb-bush-helped-by-housing-bubble-economists-say/>]

Moody's Chief Economist Mark Zandi Said Jeb Bush's 4 Percent Annual Growth In Florida "Wasn't Sustainable" And Was "Something Temporary" Due To The Housing Bubble. "Moody's Analytics chief economist Mark Zandi, a housing expert, says Florida's economy in the early 2000s isn't a model for U.S. growth over the coming years. 'The growth in Florida wasn't sustainable,' he said. 'It was something temporary' due to the housing bubble." [Wall Street Journal, 7/7/15<http://blogs.wsj.com/washwire/2015/07/07/floridas-economic-leap-under-jeb-bush-helped-by-housing-bubble-economists-say/>]

BUSH: Anybody can talk. I've delivered, and I hope to earn your support. I'm Jeb Bush and I approve this message.

ONSCREEN: PAID FOR BY JEB 2016, INC. AUTHORIZED BY JEB BUSH

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