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« Bringing It | Main | Tennessee Ends Year With Mammoth Revenue Surplus » August 13, 2004Bush Tax Cuts Mean Rich Pay Larger Share of Income TaxesJeff Cornwall points to Congressional Budget Office data showing that, because President Bush's tax cuts in 2001, 2002 and 2003, the rich are paying a larger portion of all federal income taxes than before. That's right. The Bush tax cuts shifted more of the burden of paying for government off the backs of the poor and middle class and on to the backs of the well-off. The Congressional Joint Economic Committee reports that A new Congressional Budget Office (CBO) report produced at the request of Congressional Democrats confirms that tax cuts since 2001 increased the share of federal income taxes paid by the highest earners while decreasing the tax share of lower- and middle-income groups. The CBO analysis, Effective Tax Rates Under Current Law, 2001 to 2014, shows that the income tax remains highly progressive, with the top 5 percent of earners paying more than half of all federal income taxes.The CBO's 29-page page report also provides some more interesting facts. The highest 20 percent of earners now pay a larger share of federal income taxes than they would have without the tax cuts, while the share of income taxes paid by all other income groups fell. Also, the overwhelming majority of federal income taxes are paid by the very highest income earners. The top 1 percent of income earners pays 31.6 percent of all income taxes, the top 5 percent pays 51.4 percent, the top 10 percent pays 63.5 percent, and the top 20 percent of income earners pays 78.4 percent of all federal income taxes. The bottom four-fifths of income earners pay just over one-fifth of all federal income taxes. But expect the Left to prattle on about "tax cuts for the rich." It's easy to make that accusation when it is the rich who have been paying - and continue to pay - the lion's share of the lion's share of federal income taxes. Posted in Economy & Business
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If you read the story on CNN that I copied from below you would not realize what is truly going on...thank you for telling us the truth, the Bush campaign needs to fight back "Over the last four years, the burden of taxes has shifted from the wealthy to the middle class," the Democratic presidential nominee said at a front-porch event. "The middle class is paying more taxes." The nonpartisan Congressional Budget Office, in a report released Friday, said that those in the top 1 percent of income got a bigger tax cut than those in the middle brackets. Kerry's economic platform calls for withdrawing tax cuts that went to those earning $200,000 or more, but Bush has said those tax cuts benefit small business and other job creators. Posted by: James Johnston at August 13, 2004 04:37 PMBut expect the Left to prattle on about "tax cuts for the rich." It's easy to make that accusation when it is the rich who have been paying - and continue to pay - the lion's share of the lion's share of federal income taxes. Federal income tax is not the only tax facing the citizens of this country. See here. Posted by: Chris Wage at August 15, 2004 01:41 AMPost a comment
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