Those tax breaks for the wealthy are all screwed up
Posted by Moonage on 25 Sep 2006 | Tagged as: The Media
Ever hear the phrase lately of "tax breaks for the wealthy"? If not, I’ll give a few examples:
- Dissident Voice
- Fair Taxes
- Open Letters to Bush - Ultimate Field Guide to Economy
- Common Dreams
- National Organization for Women
- Campaign for America’s Future
- National Women’s Law Center
- Nancy Pelosi
- John Kerry ( He then voted for it. )
- Ted Kennedy ( He then voted for it. )
- Any liberal, any Democrat, any media.
Ever read anything to back it up? Here’s the latest figures from The Tax Foundation. An organization that simply looks at tax figures:
| Income Bracket |
Individual Percent
2000 |
Individual Percent
2004 |
Percent of all
2000 |
Percent of all
2004 |
||
| $1-$5,000 | 0.50% | 0.50% | NC | -0.20% | -0.20% | NC |
| $5,000-$10,000 | 1.50% | 1.30% | LESS | -0.70% | -0.90% | LESS |
| $10,000-$15,000 | 2.40% | 2.10% | LESS | -0.50% | -1.30% | LESS |
| $15,000-$20,000 | 3.20% | 2.90% | LESS | 0.20% | -0.90% | LESS |
| $20,000-$25,000 | 3.50% | 3.20% | LESS | 1.10% | -0.10% | LESS |
| $25,000-$30,000 | 3.60% | 3.40% | LESS | 1.70% | 0.80% | LESS |
| $30,000-$40,000 | 7.40% | 7.10% | LESS | 4.20% | 3.20% | LESS |
| $40,000-$50,000 | 7.30% | 7.00% | LESS | 4.80% | 4.20% | LESS |
| $50,000-$75,000 | 16.40% | 16.30% | LESS | 12.20% | 11.90% | LESS |
| $75,000-$100,000 | 11.60% | 12.90% | MORE | 10.50% | 11.00% | MORE |
| $100,000-$200,000 | 16.80% | 19.00% | MORE | 19.40% | 22.50% | MORE |
| $200,000-$500,000 | 9.60% | 1.00% | LESS | 15.40% | 17.90% | MORE |
| $500,000-$1,000,000 | 4.20% | 4.30% | MORE | 8.00% | 9.20% | MORE |
| $1,000,000-$1,500,000 | 1.90% | 1.90% | NC | 3.70% | 4.00% | MORE |
It seems that the wealthy are now paying an even bigger bulk of taxes than they were before the "tax break for the wealthy". It also seems the people who got the break were the working poor. It also seems that this is what the Republicans were saying when they tried to pass it at the time. It also seems to me this has been 100% ignored by all major media. Wonder why that is?
So, next time you hear someone bitching about the "tax breaks for the wealthy", point them here for an education they’ll soon forget.
No Comments »
