- NEW YORK (Reuters) - President Bush (news - web sites)'s tax cuts have transferred the federal tax burden from the richest Americans to middle-class families, with one-third of them benefiting people with the top 1 percent of income, according to a government report cited in newspapers on Friday.
- 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 around $75,600, saw their share of federal tax payments increase, according to CBO figures cited by The Washington Post.
- The newspapers, citing the CBO report, said about two-thirds of the benefits from the cuts went to households in the top 20 percent, with an average income of $203,740.
People in the lowest 20 percent of earnings, which averaged $16,620, saw their effective tax rate fall to 5.2 percent from 6.7 percent, though their average tax cut was only $250.
I'll simply take the rest, and we'll see who really will represent the people of the 6th....
Anyone who works for a living cannot re-elect these people...