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
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