NewsMine — cabal-elite — rich-payoffs — Viewing Item

Bush tax cuts shifted more burden to middle class Original Source Link: (May no longer be active)    http://www.miami.com/mld/miamiherald/news/politics/9396608.htmmmmn|Khalid|Y http://www.miami.com/mld/miamiherald/news/politics/9396608.htmmmmn|Khalid|Y Posted on Sat, Aug. 14, 2004 Study: Tax Burden Shifts to Middle Class Associated Press WASHINGTON - President Bush's tax cuts since 2001 have shifted more of the tax burden from the nation's rich to middle-class families, according to a study released Friday by the Congressional Budget Office. The tax rate declined across all income levels - but more so in the top brackets, the report said. People in the top 20 percent of incomes, averaging $182,700 a year, saw their share of federal taxes decline from 65.3 percent of total payments in 2001 to 63.5 percent this year, according to the study by congressional budget analysts. In contrast, middle-class taxpayers - with incomes ranging from $51,500 to $75,600 - bear a greater tax burden. Those making an average of $75,600 had the biggest jump in their share of taxes, from 18.5 percent of all payments in 2001 to 19.5 percent this year. The study, requested by congressional Democrats in May, is expected to provide fodder for the presidential campaign over the fairness of more than $1 trillion in tax cuts Bush has pushed through Congress since taking office. "George W. Bush keeps trying to mislead Americans into thinking we're turning the corner, but truth is that he is turning his back on middle-class families," Kerry spokesman Phil Singer said. "The Bush policies are exacerbating the squeeze that working families have been feeling for the last four years." Bush-Cheney campaign spokesman Steve Schmidt said, "Because of President Bush's policies every American pays less in taxes today than they did before he became president...John Kerry has promised to raise taxes during the campaign. That is the clear choice Americans will have in the fall elections." The study found that the effective tax rate for the top 1 percent of taxpayers dropped from 33 percent in 2001 to 26.7 percent this year, a decline of 19 percent. The middle 20 percent of taxpayers saw a decline of 4 percent. The study is based on figures in 2001 and assumes no changes in wealth distribution from increases in income, dividends or capital gains. ON THE NET Congressional Budget Office: www.cbo.gov

Affluent avoid scrutiny taxes American middle class are in danger { September 25 2007 } Billioniare says he pays less taxes than his secretary { June 28 2007 } Buffett bush tax plan unfair { May 5 2003 } Bush tax cut gives half million year to wealthy { April 5 2006 } Bush tax cuts benefited millionaires most Bush tax cuts raised taxes for middle class { April 9 2007 } Bush tax cuts shifted more burden to middle class Business favors gop 02 { November 27 2002 } Caribbean largest individual tax evasion in US history { April 18 2005 } Ceos getting millions dividends tax cut CEOs who outsource are paid better Clinton brags about qualifying for republican tax cuts Contracts awards post war iraq Cuts favor wealhty Death tax not big problem for farmers { July 10 2005 } Documentary shows growing wealth gap { February 21 2008 } Documented top 20 richest for 2005 Economy benefiting upper class { July 10 2006 } Election money { November 1 2002 } Exxonmobile ceo gets big bonus as profits soar Fannie mae manipulated earnings for ceo bonuses { October 15 2004 } Goldman sachs pays ceo record 40m Gop taxcuts favoring wealthy { May 3 2003 } Hard working americans stuck tax bill Huey long filibisters bills favoring rich Huffington paid little income tax { August 14 2003 } Income gap between rich and very rich increasing { November 27 2006 } Income gap steadily increased past 20 years { August 17 2004 } Instructive book forgives super elites { May 8 2008 } IRS audits may not catch wealthy cheats { September 2 2006 } Irs has become subsidy system for super wealthy americans { April 11 2004 } IRS jobs auditing wealthy americans cut { July 23 2006 } Irs toughens on wealthy tax cheats Lucky CEOs mistakenly competent get big payoff { June 12 2008 } Mega mansions built despite housing crisis { June 12 2008 } Reagan and bush pushed amt to middle class { March 4 2007 } Rep sanders taxes Richest 1perc earns 20 perc of all income { September 2007 } Richest are leaving even the rich far behind { June 5 2005 } Spending of the rich increases and poor decreases Super elites hideout remodels forest { May 18 2008 } Super rich { December 27 2002 } Tax breaks top one percent Tax burden shifts to the middle { August 13 2004 } Tax cheating continues says panel { October 20 2003 } Tax cut for rich { January 7 2003 } Tax cut helps cheney Tax cuts for the rich healthcare shaft for poor { May 24 2003 } Tax cuts for the wealthy dont stimulate jobs { July 7 2005 } Tax cuts to rich dont help economy { January 22 2008 } Tax law omits child credit { May 29 2003 } Thousands who earn over 200k avoid income tax Top earners pay no taxes { June 26 2003 } Top executives earnings increase 2005 { July 10 2006 } Tuition costs rise Wealthiest 20 percent get big breaks { August 17 2004 } Wealthy class is winning says buffett { March 7 2004 } World elites getting richer { August 26 2005 } Worlds poorest 50 percent own 1 percent wealth { December 5 2006 } Files Listed: 60

Correction/submissions

CIA FOIA Archive

National Security Archives

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information, go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purpose of your own that go beyond 'fair use', you must obtain permission from the copyright owner.