What Happened To All That Tax Cut?
I received this in an email from Dave. The proof is in the footnotes.
As a presidential candidate in 2000, George W. Bush pledged his tax cut proposals "are especially focused on low and moderate income families."[1] Those proposals became law - but a new study by the non-partisan Congressional Budget office reveals otherwise.[2]
According to the CBO study, the wealthiest 1 percent of all taxpayers - whose earnings average $1.2 million - are receiving an average tax cut of $78,420 this year.[3] Meanwhile, the middle 20 percent of taxpayers - whose earnings average $51,000 - are getting only a $1,090 cut.[4] Those in the bottom 20% - averaging earnings of $16,620 - get just a $250 cut.[5] The result: "President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families."[6]
Sources:
1. "A Tax Cut with a Purpose," GeorgeWBush.com, archived from 11/2000.
2. "Effective Federal Tax Rates Under Current Law, 2001 to 2014," Congressional Budget Office, 08/2004.
3. "Report Finds Tax Cuts Heavily Favor the Wealthy," New York Times, 08/13/04. (May require log-in and account creation)
4. Ibid.
5. Ibid.
6. "Tax Burden Shifts to the Middle," Washington Post, 08/13/04. (May require log-in and account creation)
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