Conservative commentators Glenn Beck and Bill O’Reilly regularly rail against President Obama’s budget which would fix the Bush tax system and invest in education, energy and health. Maybe it’s because Bill O’Reilly and Glenn Beck benefit tremendously from the broken status quo.
According to a new analysis, Glenn Beck and Bill O’Reilly each save over $400,000 per year under the current Bush tax system.
These savings for O’Reilly and Beck come from the lower tax rates for the top two income brackets implemented by President Bush, and doesn’t factor in their additional savings from Bush’s historically low tax rates on dividends and capital gains.
President Obama’s budget would restore fairness to the tax code by returning the tax rates for the richest two percent to what they were in the 1990′s, while cutting taxes for 95 percent of American families. When this happens, Beck and O’Reilly’s savings will be reversed.
To see how much you and your family would save, see our new ‘Making Work Pay’ tax cut calculator here.
Beck and O’Reilly are each paid over $10 million every year — more than 99.9 percent of Americans. This is a conservative estimate as it only includes their income from Beck’s $10 million annual contract with Premiere Radio Network and Bill O’Reilly’s contract with Fox News.
By opposing Obama’s budget and protecting their Bush tax giveaway, Beck and O’Reilly are denying tax cuts for 95 percent of working American families. Will Bill O’Reilly and Glenn Beck really deny these cuts and prevent much needed investments in education, health care and energy, all to keep their $400,000 a year?
For a description of methodology, see our analysis of Rush Limbaugh’s savings under the Bush tax system.