Friday, August 13, 2004

Shifting the tax burden

Here is a news story obviously written by some liberal reporter at the Washington Post...

Tax Burden Shifts to the Middle

“Since 2001, President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families, the Congressional Budget Office has found, a conclusion likely to roil the presidential election campaign.

The CBO study, due to be released today, found that the wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year. The top 1 percent, earning $1.1 million, saw their share fall to 20.1 percent of the total, from 22.2 percent.

Over that same period, taxpayers with incomes from around $51,500 to around $75,600 saw their share of federal tax payments increase. Households earning around $75,600 saw their tax burden jump the most, from 18.7 percent of all taxes to 19.5 percent.”

It is nice to know that my share of the tax burden has gone up at the same time that the country has accumulated a record budget deficit and our troops are tied down in a bloody and expensive war in the Middle East with no end in sight.
Four more years of George Bush gets scarier and scarier all the time.

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