Friday, August 13, 2004

Rich Get Richer

Listen, I have no problem with folks being wealthy. None. What I have a problem with is tax equity. George Bush wants us to believe that by giving the richest 1% a tax break of (on average) $78,000 / year, some of it will trickle down to the little guy.


CBO Report: Bush Tax Cuts Tilted to Rich

WASHINGTON (Reuters) - One-third of President Bush's tax cuts have gone to the wealthiest 1 percent of Americans, shifting more burden to middle-income taxpayers, congressional analysts said on Friday.

The report by the nonpartisan Congressional Budget Office and calculations by congressional Democrats based on the CBO findings fueled the debate over the cuts between Bush and his Democratic challenger in November, Sen. John Kerry.

Using the CBO's figures, Democrats in Congress said the top 1 percent, with incomes averaging $1.2 million per year, will receive an average tax cut of $78,460 this year, and have seen their share of the total tax burden fall roughly 2 percentage points to 20.1 percent.
$78K just buys more gadgets for the yacht.