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Date Posted: 09:58:54 10/29/08 Wed
Author: Hogarth
Subject: Re: Regarding tax cuts.....
In reply to: Hogarth 's message, "Regarding tax cuts....." on 05:25:04 10/29/08 Wed

"The first thing George Bush when he was elected was cut taxes for the wealthy and corporations."

Consider this from FactCheck.org:

"Actually, according to a nonpartisan analysis by the Urban-Brookings Tax Policy Center, nearly 75% of all families are getting a tax cut this year from the two tax bills signed into law by President Bush in 2001 and 2002. The amounts vary widely, but the average is $1,217 – a dozen times more than Dean suggested.

Even families making only $20,000 to $30,000 a year are getting an average cut this year of $638. And 98.4% of that group -- "middle-class" by almost anybody's standards -- are getting some tax reduction, exactly contrary to what Dean said. And the amount of money is significant -- it increases their after-tax income an average of 2.7 percent above what it would have been before the Bush tax cuts.

And for those farther up in the middle-class hierarchy -- making $75,000 to $100,000 a year -- the Bush tax cuts are worth an average of $2,543 this year -- 25 times more than the $100 figure Dean suggested. More than 20 million American families earn $75,000 a year or more, and will be getting tax cuts in the thousands of dollars this year, not the the hundreds.

Generally, the only ones who get NO cut are those making less than $10,000 a year -- and few would think of them as middle-class. They’re the ones who earn too little to pay federal income tax in the first place, mostly singles and elderly retirees. Only 7 percent of them get a tax cut."

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Replies:

[> [> Here's the link to factcheck.org -- Hogarth, 10:01:43 10/29/08 Wed [1]

http://www.factcheck.org/dean_wrong_on_bush_tax_cut.html


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[> [> true, ...although later... -- SB, 12:06:31 10/29/08 Wed [1]

http://www.factcheck.org/kerrys_tax_ad_literally_accurate_but_misleading.html


Share of Tax Burden:
Still Bigger for the Most Affluent

The share of the reduced overall burden has indeed gone down (again, on average) for the most affluent groups, mainly as a result of cutting the top rates and reducing taxes on income from dividends and capital gains.

Furthermore, the middle 20% pays a bit higher share, and the next-highest 20% saw their share of the total burden to up by seven-tenths of one percent. So the Kerry ad's claim is technically accurate if the "middle class" is defined as the 40% of the population making up the middle and fourth income quintiles.


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