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Willisms

« Quotational Therapy: Part 107 -- Democrats & Their Racist Double Standards. | WILLisms.com | Will There Be A Nutter Uprising If The Dems Lose? »

Trivia Tidbit Of The Day: Part 359 -- Bush's Progressive Tax Cuts.

Tax Cuts For The Wha...?-

Bush tax relief = tax cuts for the rich?

Not!

Read 'em and weep, socialists:

progressivebushtaxes.gif
In 2000, tax returns with an adjusted gross income over $200,000 earned 26.7 percent of all income, and they paid 47.3 percent of all income taxes. That’s a tax-to-income share ratio of 1.79. Four years later in 2004, their share of income had fallen from 26.7 to 25.5 percent, but their share of taxes had risen to 50.0 percent. That brought the ratio up from 1.79 to 1.96 in 2004.

The biggest winners were in the $25,000-to-$30,000 range. If the Bush tax cuts are the determining factor, then the logical conclusion is that the new 10-percent bracket and the doubled child credit caused dramatic reductions in tax payment. As a result, the ratio of tax share to income share was cut in half.


Tax cuts for the S.T.F.U.


-------------------------------------

Previous Trivia Tidbit: Libertarians & Social Conservatives Should Get Along.

Posted by Will Franklin · 20 October 2006 05:42 PM

Comments

How does the inclusion of social security payroll taxes affect the ratios? Those are supposed to be pretty regressive, maybe that would be a good topic for another reform Thursday (unless you've already covered that, of course. I lose track.).

Posted by: John at October 20, 2006 07:38 PM

John, It is hard to keep track. BUT thank Goodness for those wonderful WILLisms.com archives! ...

Posted by: zsa zsa at October 20, 2006 07:51 PM

How does the inclusion of social security payroll taxes affect the ratios?

Interesting question. It would also be interesting to see the proportion of folks in various brackets who do collect SS vs. those who do not or not have a need to do so. I wonder if it would have a direct correlation or not.

Posted by: snowballs at October 21, 2006 01:57 PM