Friday, August 13, 2004
surprise! W's tax cuts heavily favor the rich!
From Reuters, citing a report (to be released Friday) by the Congressional Budget Office (CBO):
President Bush's 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...
According to the report, about two-thirds of the benefits from the cuts went to households in the top 20 percent, with an average income of $203,740.
People in the top 1% of income will receive a tax cut of $78,460 this year, while people in the bottom 20% (who earn about $16,620 a year) will receive a cut of about $250. Makes sense why those rich folks are W's base.
¶ 12:23 AM
From Reuters, citing a report (to be released Friday) by the Congressional Budget Office (CBO):
President Bush's 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...
According to the report, about two-thirds of the benefits from the cuts went to households in the top 20 percent, with an average income of $203,740.
People in the top 1% of income will receive a tax cut of $78,460 this year, while people in the bottom 20% (who earn about $16,620 a year) will receive a cut of about $250. Makes sense why those rich folks are W's base.
¶ 12:23 AM
