BUSH TAX CUTS HELP THE RICH (the truth is finally out)

[iceman_419]

NEW YORK (Reuters) - President George W. Bush's tax cuts have transferred the federal tax burden from the richest Americans to middle-class families, with one-third of the cuts benefiting people with the top 1 percent of income, according to a government report cited in newspapers Friday. The Congressional Budget Office report, to be released Friday, is likely to fuel the debate over the cuts between Bush and his Democratic challenger in November, Sen. John Kerry. The report said the top 1 percent, with incomes averaging $1.2 million per year, will receive an average $78,460 tax cut this year, and have seen their share of the total tax burden fall roughly 2 percentage points to 20.1 percent, according to The New York Times.In contrast, households in the middle 20 percent, with incomes averaging $57,000 per year, will receive an average cut of only $1,090, the newspaper said, citing the CBO report. Taxpayers whose incomes range from $51,500 to about $75,600 saw their share of federal tax payments increase, according to CBO figures cited by The Washington Post. The calculations, requested by congressional Democrats, confirm the long-held view by independent tax analysts that the tax cuts, enacted in 2001 and 2003, have heavily favored the wealthiest taxpayers, the Times said...

http://money.cnn.com/2004/08/13/news/economy/election_taxes.reut/

The sad thing is it took three years for them to figure this out. We have been telling people this since day one. Oh what's that John Snow? Oh yes you can shove it now.

[Jo March]

1. Welcome to DU, iceman_419!

Excellent post.

I know that my taxes have gone up and it ticks me off. I am the sole support of my family and still get a pretty hefty tax burden at the end of the year. It could be worse, I know, but it's hard enough trying to pay the regular bills.

Dammit.

[shaolinmonkey]

2. How can they possibly spin this?

I know: "See! It's the ownership society at work. You OWN more of the burden. Now doesn't that make you feel better?"

Meanwhile, there are underfunded troops securing oil fields for these bastards. Why? No tax revenue. Welcome to Crazyworld.

[54anickel]

26. The spin...

Girding for the study's release, Bush campaign officials have already begun dismissing it as "the Democrat-requested report."

"The CBO answers the questions they are asked," said Terry Holt, a Bush campaign spokesman. "To the extent the questions are shaded to receive a certain response, that's often the response you get."

snip>

Republican aides on Capitol Hill, speaking on condition of anonymity, said the tax cuts actually made federal income taxes -- as opposed to total taxes -- more equitable.


http://www.washingtonpost.com/wp-dyn/articles/A61178-2004Aug12.html

[JuniorPlankton]

3. Why don't they incude the SS and Med taxes?

It's a part of the tax burden and there is no break there.

[PurityOfEssence]

31. They'll never talk about "total tax burden"

They always obfuscate with "income tax". If they did what you suggest, it would be even more undeniable that the rich are skating.

But then, you knew that...

[Ilsa]

4. And we aren't even looking yet at the increases

in state and local taxes and fees, tuition, inflation, etc.

[MARALE]

5. I knew that

Our tax burden has increased this last year. I wondered where my tax break went to, but now I know it went to Dick Cheney. I really hate it when the RWs talk about the tax break we got when most of them are paying more.

[Ready4Change]

6. "heavily favored the wealthiest taxpayers"

"The calculations, requested by congressional Democrats, confirm the long-held view by independent tax analysts that the tax cuts, enacted in 2001 and 2003, have heavily favored the wealthiest taxpayers, the Times said.."

Not just favoured, but HEAVILY favoured. And yet it has gone un-reported by major news sources.

Our nations major news sources have to answer this question: Are they corrupt? Or are they incompetent?

[BlueEyedSon]

7. Major f'in kick

[RUMMYisFROSTED]

8. Trickle Down,

or Flood Up?

[4MoreYearsOfHell]

11. More like trickle on (nt)

[Rambis]

21. Don't piss down my back and tell me its rainin

Fletcher the Outlaw Josey Whales- Typical Vodoo economics right George Sr?

[Bo]

9. I love Bush,so kind,so compassionate

[OilemFirchen]

10. A tidal wave rises only the biggest boats

and sinks the rest.

[iceman_419]

12. Surprise surprise

It's not being discussed on CNN which ticks me off a little. One would think this would be a little bit bigger news than Amber Fry (sp.). Maybe we should flood CNN with some e-mails complaints and say that the American People need to finally learn the truth. Then again it is early, and they may be waiting to talk about it. Not defending anyone, but I give people the benefit of the doubt. If they don't talk about it all day, then let the flame mail begin.

[NeoConsSuck]

13. What difference does it matter? CNN buries it.

No one is going to see it anyway. This should be front page news, not buried in the financial section of a website. It affects *every* American.

So what is on the front page of CNN.COM?

Bush: America is better off with me:
http://www.cnn.com/2004/ALLPOLITICS/08/12/bush.lkl/index.html

Killborn leaving Late Late Show
http://www.cnn.com/2004/SHOWBIZ/TV/08/13/television.kilborn.reut/index.html

Quick Poll: Would you vote for a gay politician?

[harrison]

14. This ought to be shoved down the throat of the media and

Bush by the Kerry Campaign till they are sick of it. This is why the Republican Party exists, their raison d etre. Fucking Money.

[wicket]

15. This is HUGE!!!!

Awesome news, good to know that this is finally being acknowledged as fact.

Welcome to DU Iceman! :hi:

[iceman_419]

16. All I know is that I am more observant than anyone working at CNN

Screw this, these 24 hour news channels are pathetic because all they do is repeat the same thing over and over again. There is news going on all the time. They repeatedly talk about the hurricane, Scott Peterson, and the NJ govenor. I fuess they are trying to become the 24 National Enquirer Netowrk, or maybe the next weather channel. Anyways all I know is so far is that almost every political and economic predication I have made has come true. (Self pat on the back) When I become a political consultant and get on one of these channels I promise not to take any crap from them. When a hurricane overshadows our nations economic downfalls one must think that there is something wrong in the media world. Watler C., the last great JOURNALIST and PERSON, should be ashamed.

[thecrow]

17. Letter to CNN's Lou Dobbs...

Dear Lou,
Today CNN is reporting an important story on how Bush's tax cuts are helping the RICH http://money.cnn.com/2004/08/13/news/economy/election_taxes.reut/ which I think is an important story, but what do I see when I log onto CNN?
Bush: America is better off with me:
http://www.cnn.com/2004/ALLPOLITICS/08/12/bush.lkl/inde... Killborn leaving Late Late Show
http://www.cnn.com/2004/SHOWBIZ/TV/08/13/television.kil... Quick Poll: Would you vote for a gay politician?
I swear, if CNN does not start TALKING about this, I will consider CNN to be a NON-NEWS station.
I like you, Lou, and feel you are about the only person who CARES what is going on. PLEASE PLEASE REPORT THIS!!
Thank you.

[oc2002]

18. Sadly most people do not 'GET IT'

I do not realy understand how people just do not understand the magnitude of this report.

here are typical responses that basicly say 'so what?'.
"The rich get bigger taxe cuts because...drum roll please...they pay more taxes then poor people! The poor are already heavily subsidized by paying very little tax as it is."


"Both figures are "roughly 2 percent" but we're trying to say equality isn't fair, right?"


"We're talking about a 2% cut across the board. How can you lump more on someone by reducing their burden?"


"I don’t get the problem with this. The Rich pay more in income taxes; of course they get more money back when income taxes are cut. Such is the nature of marginal tax rates that cuts at the upper margins will return more money to the rich. Duh. I hope they enjoy their $78,460, because I damn well know I enjoy that $1,090 coming my way."

I can not see how they just do not see that this tax cut is all contributing to the national debt? Are they that stupid? Am I missing something here, are these valid views or myths?

[Poiuyt]

19. Friday news dump

All bad news for Bush is released on Friday

[shanti]

23. and will be buried by tomorrow

SOP

[F.Gordon]

20. The actual CBO Report from this story.........

ftp://ftp.cbo.gov/57xx/doc5746/08-13-EffectiveFedTaxRates.pdf

It's interesting to note that while base income levels for the bottom 80% of quintiles remained relatively consistent using either 2000 or 2001 base levels, the top 1% base year income level using 2000 data was $1,326,100 and for 2001 it was $1,050,100.

What the Right Wing "economists" will point out is how the top 20% are carrying the burden of taxes in this country, but what they won't say is that the other 80% is seeing their taxes increase while the top 20% has been decreasing. Then, when you go to the top 10% or 1% it really decreases.

Honey, should be buy the blue Jaguar or the green Jaguar?

Honey, should we pay the rent or buy groceries?

[NewYorkerfromMass]

22. Proof is in the pudding

I guess they had to review actual tax returns to analyze the effect.

[lumpy]

24. Same old 'trickle down' economics.

Most Gopers unabashedly admit it.

[freedom_to_read]

25. Emperor's new clothes actually "nakedness"

this just in!

[Libs Bite Back]

27. George and the rich right is only getting started

The next big round of tax cuts to the rich will be when they permanently eliminate estate tax and taxes on capital gains. The ones who will really make out will be their children who will pay virtually no taxes at all on huge incomes from their inheritances. Check out my article at http://www.liberalsbiteback.com entitled "A beginners guide to how the rich right is trying to become permanently mega rich and the rest of us permanently screwed"

[CO Liberal]

28. In Other News, Bears Go Potty In the Woods

Film at eleven....

[Zorra]

29. Kick

[stevebreeze]

30. it is important to remember that middle class income is also going down

relative to inflation. Yes our taxes(even the middle class) are marginally lower, but real(adjusted for inflation) income is lower today then it was 30 years ago.
the middle class squeeze is very real and threatens all of us.