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Hope this is the last on this subject as here are the correct
figures from a Congressional Budget Office (non-partisan) report issued
yesterday - 8/12/04.
Impact of the 2001 Bush tax cuts:
Wealthiest 20% of tax payers (av. income=$182,700 in 2001)
paid 64.4% of total federal tax payments in 2001 decreasing to 63.5% in
2004.
Top 1% (av. income =$1.1 million) paid 22.2 % in 2001
decreasing to 20.1% in 2004
Middle income tax payers with incomes of $51,500 increased
from 18.7% in 2001 to 19.5 in 2004.
Upper middle income tax payer with incomes of $75,600
increased from 18.7% in 2001 to 19.5 in 2004.
The effective federal tax rate for the top 1% of taxpayers
fell from 33.4% to 26.7 %, a 20% drop. The tax rate for those with incomes
averaging $51,500 saw their tax rates drop by 9.3%. The poorest taxpayers
saw their tax rate drop by 16%.
Conclusion - the 2001 tax reforms shifted the burden of taxes
from the poorest and the richest to middle income tax payers.
These figures are for federal taxes only, and include
Medicare, social security and other federal taxes . Were state sales
and other local taxes included, the differences would be even more
stark.
The report is available from the CBO and, probably, your
congressional representatives, if you want additional information. BTW,
the CBO is headed by a former senior economists from the Bush White
House.
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