Gun-totin', Chronic-smokin' Hearse Initiator (ludickid) wrote,
Gun-totin', Chronic-smokin' Hearse Initiator
ludickid

George Bush: he's the President of his family and about 500 of their close friends and associates

On the other hand, I also can't decide what enrages me most about this New York Times article about how the Bush tax cuts not only hurt the poor, but don't even really benefit the rich so much as the super-mega-ultra-rich.

Take your pick:

The average income for the top 0.1 percent was $3 million in 2002, the latest year for which averages are available. That number is two and a half times the $1.2 million, adjusted for inflation, that group reported in 1980. No other income group rose nearly as fast.

...

The share of the nation's income earned by those in this uppermost category has more than doubled since 1980, to 7.4 percent in 2002. The share of income earned by the rest of the top 10 percent rose far less, and the share earned by the bottom 90 percent fell.

...

Under the Bush tax cuts, the 400 taxpayers with the highest incomes now pay income, Medicare and Social Security taxes amounting to virtually the same percentage of their incomes as people making $50,000 to $75,000.

...

From 1950 to 1970, for example, for every additional dollar earned by the bottom 90 percent, those in the top 0.01 percent earned an additional $162, according to the Times analysis. From 1990 to 2002, for every extra dollar earned by those in the bottom 90 percent, each taxpayer at the top brought in an extra $18,000.

...

The Bush administration says that the tax cuts have actually made the income tax system more progressive, shifting the burden slightly more to those with higher incomes. Still, an Internal Revenue Service study found that the only taxpayers whose share of taxes declined in 2001 and 2002 were those in the top 0.1 percent.
Tags: politics
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