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| *Loan,banking and credit>>>tax cut |
Conservatives rave about Bush tax cuts, so I researched them. Guess what I found? |
One quarter of 1 percent who earn more than $1 million a year got 62% of the tax savings from the change in the law. People with incomes of over $10 million a year got 28% of that group's savings at about $1.9 million each. Citizens For Tax Justice Committee released this and found that the rich are indeed getting richer , thanks to the new laws. Ian, you are wrong, the questioner is right. People who make more than 1 million/yr in America only pay 19% of all taxes. The majority of taxes (50% or so) are paid by people making between 50K and 200K per year. See the second table in the link below for the distribution of tax burden by income level. The Bush tax cuts put a higher percentage of the tax burden to the 50-200K group, moving it away from the 500K+ group. Once again, the squeeze was put on the middle class. EDIT: I have seen people saying, with the usual Conservative lack of mathematical proof, that tax revenues have gone up as a result of the tax cuts. This is patently untrue. See the second link below. You can see in the inflation-adjusted column that it was 2006 before revenues finally got back to matching what they were in 2000. Since revenues tend to go up 2-3% per year when there are no tax changes, the net result is that our revenues are currently 12-15% below where they WOULD have been had there been no tax cuts. Source(s): http://www.taxpolicycenter.org/numbers/d... http://www.taxpolicycenter.org/taxfacts/... i know sad isn't it. its the middle class that always gets beat. They also pay about 90% of the taxes so what's your point? maybe some day it will trickle down HA Yeah, and the middle class got something like a $600 refund in the year 2002. No real surprise there... But thanks for doing the research. |
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