October 2, 2006
SO THE DEMOCRATS WANT TO HARM ALL PAYERS:
Income tax cuts benefit all payers (Kevin McCoy, 10/02/06, USA TODAY)
Americans of every income have benefited from a drop in federal income tax rates as Bush administration tax cuts enacted since 2000 took effect, an independent analysis of newly released IRS data shows.But those earning $75,000 to $500,000 are shouldering a larger share of total taxes paid as millions more of them earn higher incomes and get hit with the Alternative Minimum Tax, the analysis also found. [...]
The analysis showed, for example, that a taxpayer who earned $35,000 in 2000 would have paid 8.54% of that income — $2,989 after credits — in federal taxes. In 2004, federal taxes would have accounted for 5.12% of that taxpayer's annual income, or $1,792. That represents a 40% decrease in tax burden.
Thanks, W. Posted by Orrin Judd at October 2, 2006 8:00 AM
Comments
Irrefutable proof that the tax cuts are benefiting the rich. Anybody earning anything and not requiring govt. help is rich under the Dems' definitions.
Posted by: ic at October 2, 2006 5:29 PM