Your Logo Here

This is the greatest and most powerful blog in the history of the universe. Solid.

Friday, August 13, 2004

From the Department of Things I Could Have Told You Yesterday:
Since 2001, President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families, the Congressional Budget Office has found, a conclusion likely to roil the presidential election campaign.

The CBO study, due to be released today, found that the wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year. The top 1 percent, earning $1.1 million, saw their share fall to 20.1 percent of the total, from 22.2 percent....

For the bottom 20 percent of households, the combined Bush tax cuts averaged $250 each. The middle 20 percent received $1,090, while the top 1 percent garnered $78,460, said Democrats on the Joint Economic Committee who analyzed the report.

The tax cuts this year will boost the income of millionaires by 10.1 percent, while middle-income families see a boost of 2.3 percent, the Democrats said.

But...but...but Shrub said, "By far the vast majority of my tax cuts go to the bottom end of the spectrum." And don't even get me started on the elimination of the estate tax. Agh. Leave no billionaire behind.

By the way, Shrub's tax cut saved him $31,000, and it saved the Cheneys $88,000. Wow, they're just like you and me! Certainly not elite.

Weblog Commenting and Trackback by HaloScan.com