CBO Report: Bush Tax Cuts Tilted to Rich

[Pale_Rider]

http://story.news.yahoo.com/news?tmpl=story&cid=584&e=1&u=/nm/20040813/pl_nm/campaign_taxes_cbo_dc

WASHINGTON (Reuters) - One-third of President Bush (news - web sites)'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 (news - web sites) 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 (news - web sites).

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.

In contrast, the report showed that households in the middle 20 percent, with incomes averaging $57,000 per year, will receive an average cut of $1,090 while their share of the tax burden would move to 10.5 percent from 10.4 percent.

Surprise, surprise, surprise ... not!

[LynneSin]

1. Why do you hate America?

I mean to post stuff like that means you must love terraists

:eyes:

[trotsky]

2. In other news: The Pope is Catholic!

Details after the break.

[Moderator]

3. Duplicate topic

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=747569