ntang (ntang) wrote,
ntang
ntang

CBO: Bush tax cuts not so good for middle class

The CBO - or Congressional Budget Office (note lack of party affiliation) - released a study today finding the wealthy Americans (the top 20%) pay a smaller chunk of the nation's taxes with Bush's tax cuts - but taxpayers earning $51k-75k actually end up paying a larger chunk of the taxes. Hmmm...

Republicans are dismissing the report, calling it "the Democrat-requested report." "The CBO answers the questions they are asked," said Terry Holt, a Bush campaign spokesman.

But... well, I'll let the Washington Post say it:

"The question posed was a standard request for analysis of the type members on both sides of the aisle routinely make of the CBO. In this case the ranking Democrats on the House Ways and Means Committee, the Senate Finance Committee, the House and Senate budget committees and the Joint Economic Committee asked Holtz-Eakin -- the former chief economist of Bush's Council of Economic Advisers -- to estimate the distribution of the tax cuts among income levels, and compare that to tax levels if none of the cuts were passed."

...

"Are the rich paying their fair share?" asked one GOP aide. "Yeah. They're paying more."

But to Democrats, the conclusion was clear. For the bottom 20 percent of households, the combined Bush tax cuts averaged $250 each. The middle 20 percent received $1,090, while the top 1 percent garnered $78,460, said Democrats on the Joint Economic Committee who analyzed the report.

The tax cuts this year will boost the income of millionaires by 10.1 percent, while middle-income families see a boost of 2.3 percent, the Democrats said."


Hmmm. So everyone saved money, but the rich saved a larger % of money than the poor. Trickle down economics, I guess.

http://www.washingtonpost.com/wp-dyn/articles/A61178-2004Aug12.html
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