Jeffrey Cox

CNBC's 'Clarification' of Bush Tax Cuts Still Ignores Their Across-the-Board Nature
By Tom Blumer | July 31, 2010 | 12:08 AM EDT
CNBClogoIt would appear that someone at CNBC listened to the Mark Levin Show on Thursday. Either that, or someone at the network paid attention to his or her e-mail alerts and read my post that went up in the wee hours Friday morning (at NewsBusters; at BizzyBlog). Likely in response to our criticisms, CNBC has revised and "clarified" a report by CNBC staff writer Jeffrey Cox.

The network's revised and "clarified" report still fails to sufficiently inform readers. In fact, the new version seems to be the result of a meeting where the topic of discussion was: "What are the least informative changes we can make while being technically correct?"

On his show Thursday night, Levin referred to Cox's probably original version (now Google cached; copy saved here at my web host for future reference) addressing Deutsche Bank analysts' fears that the expiration of the Bush tax cuts at the end of the year will have a sharply negative economic impact. (For what it's worth, I prefer to describe what's coming as a plain-and-simple tax increase, simply because after what will have been eight years -- 2003 through 2010 -- everyone has long since gotten used to the current income tax structure.)

Here are the first two paragraphs of Cox's report as found by Levin and yours truly (bold is mine):

CNBC Reporter: Bush Tax Cuts Only Affected Those Making $250K or More
By Tom Blumer | July 30, 2010 | 12:46 AM EDT
BushSignsTaxCut0503CNBC.com's Jeff Cox needs to brush up on his financial history.

He believes that George W. Bush's 2001 and 2003 tax cuts affected only the highest-earning taxpayers, i.e., those who gross $250,000 a year of more. He's wrong.

Here's part of what Cox posted this morning (erroneous statement is bolded; HT to Mark Levin in his Thursday broadcast):

Letting Bush Tax Cuts Die Would Kill Recovery: Analysts

The nascent US economic recovery would be halted in 2011 if Congress fails to extend the Bush tax cuts for the wealthiest Americans, analysts at Deutsche Bank said.

The cuts were enacted in 2001 and 2003 under President George W. Bush and covered those earning more than $250,000, but they are set to expire at the end of this year.