Politics > Politics-USA > Since 2001 Bush has shifted the tax burden from the rich to the middle class
| Topic: |
Politics > Politics-USA |
| User: |
"Harry Hope" |
| Date: |
12 Aug 2004 10:28:32 PM |
| Object: |
Since 2001 Bush has shifted the tax burden from the rich to the middle class |
From The Washington Post, 8/13/04:
http://www.washingtonpost.com/ac2/wp-dyn/A61178-2004Aug12?language=printer
Tax Burden Shifts to the Middle
By Jonathan Weisman
Washington Post Staff Writer
Friday, August 13, 2004; Page A04
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.
Over that same period, taxpayers with incomes from around $51,500 to
around $75,600 saw their share of federal tax payments increase.
Households earning around $75,600 saw their tax burden jump the most,
from 18.7 percent of all taxes to 19.5 percent.
The analysis, requested in May by congressional Democrats, echoes
similar studies by think tanks and Democratic activist groups.
But the conclusions have heightened significance because of their
source, a nonpartisan government agency headed by a former senior
economist from the Bush White House, Douglas Holtz-Eakin.
Indeed, the study will likely stoke an already burning debate about
the fairness and efficacy of $1.7 trillion in tax cuts that the
president pushed through Congress.
"CBO is nonpartisan, it's independent, and right now it works for a
Republican Congress with a former Bush economist at its head," said
Jason Furman, economic director of the presidential campaign of Sen.
John F. Kerry (D-Mass.).
"There's no higher authority on the subject."
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That must make your day.
Harry
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| User: "Sarge" |
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| Title: Re: Since 2001 Bush has shifted the tax burden from the rich to the middle class |
13 Aug 2004 02:59:43 PM |
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Harry wrote: "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.
Over that same period, taxpayers with incomes from around $51,500 to around
$75,600 saw their share of federal tax payments increase. Households
earning around $75,600 saw their tax burden jump the most, from 18.7 percent
of all taxes to 19.5 percent."
This just proves the economy is rebounding. It means more middle class are
working thus the increase in total percent of taxes paid. The rich will
always find ways to not pay taxes since there are some many shelters they
can put their income in to prevent paying taxes. For instance Thersa Heinz
has some income that is tax free because they come from government bonds.
This is one investment that is tax free and widely used by the rich.
Sarge
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| User: "Rich Travsky" |
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| Title: Re: Since 2001 Bush has shifted the tax burden from the rich to themiddle class |
15 Aug 2004 10:55:12 PM |
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Sarge wrote:
Harry wrote: "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.
Over that same period, taxpayers with incomes from around $51,500 to around
$75,600 saw their share of federal tax payments increase. Households
earning around $75,600 saw their tax burden jump the most, from 18.7 percent
of all taxes to 19.5 percent."
This just proves the economy is rebounding. It means more middle class are
working thus the increase in total percent of taxes paid. The rich will
That's an explanation???? LOL.
always find ways to not pay taxes since there are some many shelters they
can put their income in to prevent paying taxes. For instance Thersa Heinz
has some income that is tax free because they come from government bonds.
This is one investment that is tax free and widely used by the rich.
Sarge
.
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