Bush Tax Cuts Heavily Favor Rich, CBO Says -Reports



  • 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 am willing to give my republican opponent (who supported these cuts) the vote of every person making more than $200,000 per year - they are his voters.

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...

The End of the Middle and Working Class?

"Mr. Bush's proposals, if fully adopted, "could eliminate almost all taxes on investment income and wealth for almost all Americans." Mr. Bush hasn't yet gotten all he wants, but he has taken a large step toward a system in which only labor income is taxed."


Is this how we want our society to work? Your labor benefiting those so wealthy that they do not have to work?

Where is the inherent fairness of the statement "All men are created equal" in this.

Remember, Bush has not fleeced our future to the benefit of the wealthy on his own. Petri helped pass his tax bills, and will continue to.



Bush also said high taxes on the rich are a failed strategy because "the really rich people figure out how to dodge taxes anyway."


Why am I talking about Bush's failed tax cuts? Because Petri supported and benefited from them greatly.

I would not have supported tax cuts on the wealthy, I would have proposed and worked for tax cuts on the middle and working class. We are the people who truly drive the economy and can save this country from being sped around another blind corner by Bush, Cheney & Petri.
Baer acknowledged that some of the company's problems were of its own making. But he said he was worried about what he called the "Wal-Mart effect" and its role on the quality of U.S. jobs.

"Long-term, I really struggle with their constant mania of driving prices down, down, down, down, down," Baer said. "People are displaced into lower-paying jobs…. Their purchasing power goes down, so they can't go into Wal-Mart and buy as much as they used to. How will that work in the end?"


This is a quote from Rick Baer, CEO of Paper Converting in Green Bay.

People are starting to get it.....


We're gonna win!

"When Friday's dismal job report was released, traders in the Chicago pit began chanting, "Kerry, Kerry."


When was the last time you heard a bunch of financial workers chanting a Democrats name?

Also from this op-ed:

"What we've just seen is as clear a test of trickledown economics as we're ever likely to get. Twice, in 2001 and in 2003, the administration insisted that a tax cut heavily tilted toward the affluent was just what the economy needed. Officials brushed aside pleas to give relief instead to lower- and middle-income families, who would be more likely to spend the money, and to cash-strapped state and local governments. Given the actual results - huge deficits, but minimal job growth - don't you wish the administration had listened to that advice?"

The Bush tax cuts, supported by Petri, have ruined the Clinton Economic boom.

Petri supported Clinton's economic policies less than 15% of the time, and has supported Bush's more than 85%.

Isn't it time to have a congressional representative on the side of growth?


Tribal Sovereignty:


This is actually pretty funny - Bush tries to get through a question that he doesn't know the answer to. Listen twice, the laughter from the audience is the best.

I promise, that if I don't know the answer to a question, I'll just admit it.

Even funnier, Kerry appeared before this panel first, and was given the same questions, therefore Bush would have known what was going to be asked, and either didn't care or forgot.