Friday, August 13, 2004
Congressional Budget Office Tells Us What We Already Knew About Bush's Tax Cuts...
The "we" I refer to is, of course, those of us that don't have our lips firmly locked on the Presidential tookis...
President George W. Bush's tax cuts have transferred the federal tax burden from the richest Americans to middle-class families, with one-third of the cuts benefiting people with the top 1 percent of income, according to a government report cited in newspapers Friday.
The Congressional Budget Office report, to be released Friday, is likely to fuel the debate over the cuts between Bush and his Democratic challenger in November, Sen. John Kerry.
The report said the top 1 percent, with incomes averaging $1.2 million per year, will receive an average $78,460 tax cut this year, and have seen their share of the total tax burden fall roughly 2 percentage points to 20.1 percent, according to The New York Times.
In contrast, households in the middle 20 percent, with incomes averaging $57,000 per year, will receive an average cut of only $1,090, the newspaper said, citing the CBO report.
Taxpayers whose incomes range from $51,500 to about $75,600 saw their share of federal tax payments increase, according to CBO figures cited by The Washington Post.
Now Bush can stop lying to every crowd he sees about how his tax cuts help all taxpayers, because his comments will be just that: LIES.
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