Spinoff from Bush -- Tax cuts skewed to wealthy
This was just posted by the New York Times:
Fully one-third of President Bush's tax cuts in the last three years have gone to people with the top 1 percent of income, who have earned an average of $1.2 million annually, according to a report by the nonpartisan Congressional Budget Office to be published Friday.
According to the new report from the Congressional Budget Office, about two-thirds of the benefits from the tax cuts, enacted in 2001 and 2003, went to households in the top fifth of earnings, with an average income of $203,740.
To be fair, the article also points out that:
The tax cuts of 2001 and 2003 reduced tax rates for people in all income brackets. But they had a disproportionate effect on people at the very highest income levels because they had already been paying a disproportionate share of total federal taxes and in part because stock dividends got a special lower rate.
I'm just posting this because Bush has denied the fact that his tax cuts have been skewed toward the wealthy, which many people have questioned -- now the Congressional Budget Office's report has set the record straight. The earlier Bush thread got me thinking about this....
Fully one-third of President Bush's tax cuts in the last three years have gone to people with the top 1 percent of income, who have earned an average of $1.2 million annually, according to a report by the nonpartisan Congressional Budget Office to be published Friday.
According to the new report from the Congressional Budget Office, about two-thirds of the benefits from the tax cuts, enacted in 2001 and 2003, went to households in the top fifth of earnings, with an average income of $203,740.
To be fair, the article also points out that:
The tax cuts of 2001 and 2003 reduced tax rates for people in all income brackets. But they had a disproportionate effect on people at the very highest income levels because they had already been paying a disproportionate share of total federal taxes and in part because stock dividends got a special lower rate.
I'm just posting this because Bush has denied the fact that his tax cuts have been skewed toward the wealthy, which many people have questioned -- now the Congressional Budget Office's report has set the record straight. The earlier Bush thread got me thinking about this....
