Families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts, according to a new Congressional study.
The study, by the nonpartisan Congressional Budget Office, also shows that tax rates for middle-income earners edged up in 2004, the most recent year for which data was available, while rates for people at the very top continued to decline.
Based on an exhaustive analysis of tax records and census data, the study reinforced the sense that while Mr. Bush’s tax cuts reduced rates for people at every income level, they offered the biggest benefits by far to people at the very top — especially the top 1 percent of income earners.
Though tax cuts for the rich were bigger than those for other groups, the wealthiest families paid a bigger share of total taxes. That is because their incomes have climbed far more rapidly, and the gap between rich and poor has widened in the last several years.
I guess this means I have to stop saying that the Bush administration isn’t good for anybody.
Spink Nogales | 09-Jan-07 at 11:23 am | Permalink
Have you already forgotten the concept of ‘Trickle Down Economics’?
My own personal offshore investments have allowed several people in China to provide a higher education for their children.
Colorado Jyms | 09-Jan-07 at 9:36 pm | Permalink
The really nice thing about Bush is that he is helping keep those swarthy little people with no money down in poverty where they belong. They will never be able to pull themselves up by their bootstraps and get close to my pile of money. Bah-ha-ha!