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Friday, August 13, 2004

[+/-]
 Bush tax cuts heavily favor rich

The bipartisan Congressional Budget Office (CBO) will release a report today concluding that Bush's tax cuts have heavily favored the rich. The CBO report says tax cuts have transferred the federal tax burden from the richest Americans to middle-class families, with one-third of them benefiting people with the top 1 percent of income.

Taxpayers whose incomes range from $51,500 to around $75,600 actually saw their share of federal tax payments increase.

I'll have to wait to read the report, but I'd wager that the calculations do not include what many are calling the Bush Tax: shifting costs to states and communities, which then pass them on to taxpayers.

1 Comments:

Blogger Dave S. said...

Maybe their share as a % of total taxes, but their taxes still went down. Maybe Kerry will choose to raise thier taxes as well. File this report under "No F'n Shit". Of course those who pay the most in taxes are going to get most of the benefit.

That Bush Tax is a joke. Our property taxes went up about $100 vs. the 2 to 3 grand we got from the tax cut. I'll gladly take the Bush tax over the Kerry tax.

11:58 AM  

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