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That makes entirely too much sense
Clyde....:)
I looked a little deeper into this CBO report and
as expected we only received a couple of snippets that support a peculiar point
of view. Besides the numerous assumptions the data is based on we also had
some other glaring, um, irregularities. Here are a few
highlights:
- all taxes were included, not just
federal
- the AMT was not considered
- the fact that 14M people were taken off
the tax rolls was also not considered
<FONT face=Verdana
size=2>
The fact remains that everyone's taxes were
lowered and the 80/20 rule is still very much in effect. In fact it
actually got worse for the 20% who pay 80% of the taxes - prior to the tax cuts
they paid 78.4% of the burden and now they are responsible for 82% of the
burden.
Interesting world we live in. First we're
told that rolling back a tax cut is not a tax increase, then we're told that
after reducing someone's taxes we have somehow increased their tax burden.
But when you think about, this is entirely consistent with positions taken
on other issues.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Clyde
Lee(clc)
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 8:23
PM
Subject: Re: [RT] Fwd: Bond and S&P
Update
If you really wanted a FAIR tax then consider
this:
On every transaction in which value was
exchanged
(purchase of goods, purchase of stocks, purchase of
homes,
anything you might dream of) there would be a very
small
tax based on a percentage of the dollar value of the
transaction.
Simply take the GDP and find out what % of that would
be
required to generate the equivalent of our current taxes
and
suddenly we would see FAIRNESS in taxes as a function
of
those capable of paying taxes.
This would simplify the collection -- % of gross sales
-- and
reduce the IRS audit problems to almost nothing.
No exemptions,
no alternate minimum tax, no BS, just a simple method
of
supporting our incessant desire for Government
intervention
in all aspects of our life.
Clyde
- - - - - - - - - - - - - - - - - - - - - - - - - - - -Clyde
Lee
Chairman/CEO (Home of
SwingMachine)SYTECH
Corporation email: <A
href="">clydelee@xxxxxxxxxxxx 7910
Westglen, Suite 105
Office: (713) 783-9540Houston, TX
77063
Fax: (713) 783-1092Details
at:
www.theswingmachine.com- - -
- - - - - - - - - - - - - - - - - - - - - - - - -
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
Bob
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 7:37
PM
Subject: Re: [RT] Fwd: Bond and S&P
Update
Who's tax increased by 18%?
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
<A title=mr.ira@xxxxxxxxxxxxx
href="">mr.ira
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 6:30
PM
Subject: Re: [RT] Fwd: Bond and
S&P Update
If your tax increased by 18+% you didn't pay
less taxes.
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
Bob
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004 3:42
PM
Subject: Re: [RT] Fwd: Bond and
S&P Update
It's a cute argument but only deals
with percentages.....everyone's "burden" was in fact reduced.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Pete Holt
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, August 13, 2004
4:07 PM
Subject: Re: [RT] Fwd: Bond and
S&P Update
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.
<FONT
size=2>
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