Not that most people didnt know, but:
" Report Finds Tax Cuts Heavily Favor the Wealthy
By EDMUND L. ANDREWS
Published: August 13, 2004
WASHINGTON, Aug. 12 - 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.
The report calculated that households with incomes in that top 1 percent were receiving an average tax cut of $78,460 this year, while households in the middle 20 percent of earnings - averaging about $57,000 a year - were getting an average cut of only $1,090.
The new estimates confirm what independent tax analysts have long said: that Mr. Bush's tax cuts have been heavily skewed to the very wealthiest taxpayers. Those are also the people, however, who pay a disproportionate share of federal income taxes."
News article this AM:
"Actually, the CBO analysis flatly states the Bush tax cuts have brought down the tax burden for all income groups, especially the middle class."
"Congressional analysts and outside taxpayer groups argued yesterday that CBO's analysis of which income groups pay the largest share of all taxes paid was to some extent distorted by the Democrats' guidelines for the study. 'They lumped all of the taxes into the study, including Social Security and other non-income taxes, that distorted the findings,' said Bill Ahern spokesman for the bipartisan Tax Foundation."
"Nevertheless, these analysts said the Bush tax cuts have done nothing to change the fact that those in the higher tax brackets pay most of the federal income taxes."
"With the bottom 40% paying no income tax, that leaves the top 60% to pay it all, and CBO data shows the lion's share is being paid by taxpayers in the top 20%, said Scott Hodge, who runs the Tax Foundation."
"Former CBO Dir Robert Reischauer thinks that the differences in the total tax burden has not changed much. 'A lot of ink is being spilled about modest shifts in relative tax burdens,' he said yesterday. 'Virtually all taxpayers benefit to some degree from the tax cuts over the past three years.' Other tax analysts say that what hasn't changed much, if at all, is the Internal Revenue Service's breakdown of which income groups pay the larges share of all income taxes."
According to the (Cong) Joint Economic Committee, the wealthiest 1% pay 33.89%, top 5% pay 53.25%, top 10% pay 64.89%, top 25% pay
82.9%, top 50% pay 96%.
REGARDING: I have a huge problem with the idea that it's ok to take INCREASING PERCENTAGEs at higher levels. It's ridiculous!
RESPONSE: Your "thought" is adequately described by the following:
When one doesn't understand where one is, nor where one is going, one's ignorance will not lead to the proper destination.
LAST: $44.52 UP 19 cents with the DOW down 13 points
>>>I have a huge problem with the idea that it's ok to take INCREASING PERCENTAGEs at higher levels. It's ridiculous!<<<
As the past century showed us, it stimulates the economy and distributes excess capital where it needs to go: to enhance the overall society to the detriment of those that wouldn't know how to enjoy what they have.
>>>CONFISCATED (good word, whoever said it here) and given to someone of able body and sound mind who CHOOSES not to get off his ass? It shouldn't.<<<
Most of your taxes do not go for this. Get off your a$$, exercise your flacid muscle and discover this.
The progressive tax system served the country well the past decade. How do you know if your suggestion will do likewise for the future? BTW, a progressive tax system can be set up with the same simple payment methods as a sales tax or a flat tax...
Oh FiBs ... I love it when you make a complete ass of yourself. Check out my posts from three days ago. You will find it. Next time please pay attention no matter how much you don't like the facts.
So they've made things a tiny bit more fair. What's the big deal?
Now if the tax code was "Everyone pays $10K" regardless of income or anything else... THAT would be unfair.
It's a % to account for the fact the people making more "can afford" more.
I have a huge problem with the idea that it's ok to take INCREASING PERCENTAGEs at higher levels. It's ridiculous!
FLAT TAX promotes fairness and equality. Everyone would be better off in the end.
You tell 'em, bro.
There should be a basic "survival" level available to all. Certainly the truly needy (disabled, etc.) should be provided some basic level of sustenance. But why should my hard earned money be CONFISCATED (good word, whoever said it here) and given to someone of able body and sound mind who CHOOSES not to get off his ass? It shouldn't.
I chuckle when I hear people who think the tax loopholes are a positive. It is a crying shame they're necessary in the first place (but admittedly they are).
It's all about choice. Anyone making 50K/yr can become a millionaire. It's a simple matter of saving and investing a small portion of their income on a regular basis. But instead they choose to carry tons of high interest credit card debt making minimum payments. And yes, it IS a CHOICE.