WILLisms.com: Trivia Tidbit Of The Day: Part 281 -- Tax Cuts For The Rich?

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Trivia Tidbit Of The Day: Part 281 -- Tax Cuts For The Rich?

The Real Story On Taxes-

Are the rich getting richer at the expense of the poor because of those "tax cuts for the rich" the Bush administration has persistently pushed for since 2001?

No.

The very lowest income quintiles pay remarkably little in taxes.

Between 1979 and 2003, the share of income taxes paid by the highest-earning quintile jumped from 65 percent to 85 percent. Their share of all taxes paid (including social insurance, corporate, and excise taxes) increased from 56 percent to 66 percent. Upper-income taxpayers are paying more, not less, of the tax burden.

...from 2000 to 2003, the share of all individual income taxes paid by the bottom 40 percent dropped from zero percent to –2 percent, meaning that the average family in those quintiles received a subsidy from the IRS. By contrast, the share paid by the richest quintile increased from 81 percent to 85 percent. Clearly, the tax cuts have led to the rich shouldering more of the income tax burden and the poor shouldering less.

When Democrats talk about Bush's "tax cuts for the rich," they are playing the class warfare card, not dealing in reality.

Source:
Heritage & CBO (.pdf).

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Previous Trivia Tidbit: Young Americans Are Not As Liberal As Advertised.

Posted by Will Franklin · 27 February 2006 05:07 PM

Comments

Tell that to my sociology professor, I swear the first thing she said for the semester the very first sentence out of her mouth was "guess who go the highest tax cut in this country this year? the top 1%" Needless to say she and I went back and forth.

Posted by: christian at February 27, 2006 05:48 PM

christian...Does your professor evr read WILLisms.com?

Posted by: Zsa Zsa at February 27, 2006 06:47 PM

And was his name thomas?

Posted by: Hoodlumman at February 27, 2006 10:04 PM

Don't you think young Americans look forward to having Social Security when they retire?...

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