Friday, August 13, 2004

The Bush Tax Cuts: the FACTS

Bush touring a blue collar worksite in Las Vegas

There's a lot of economic spin going on in this campaign. President Bush says that his tax cuts mean "more money in your pockets." The real question, though, is whose pockets we're really talking about. A report released by the non-partisan Congressional Budget Office today settles the issue. Now the numbers from the report:

  • One-third of Bush's tax cuts go to the top 1%, the millionaires.
  • Two-thirds of Bush's tax cuts to the top 20%, with incomes averaging over $200,000
  • Households in the top 1%, with incomes averaging $1.2 million a year, will receive an average cut of $78,460 this year. Their share of the total tax burden will fall by 2%.
  • Households in the middle 20%, with incomes averaging $57,000, will receive a tax cut of only $1090, and their total share of the tax burden will go up from 10.4% to 10.5%.
  • Households in the lowest 20% will receive a measely $250.


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