Ever read "The Millionaire Next Door"? The most popular vehicle of millionaires the survey found is the Ford F150. That is because typically a millionaire in this country is some sort of Contractor/Builder. These are small business owners not the idle rich as you like to paint them.
With the passage of President Bush's two tax cuts, ten million more Americans no longer pay income taxes. The Senate voted to extend the $400-per-child tax credits to minimum-wage families, most of whom are currently not paying income taxes. What this does is give people a credit or rebate for something they have not paid into in the first place.
The tax burden of the entire country is being shifted more and more to fewer and fewer Americans. As it stands now, the top 5% of wage-earners in this country pay 50% of all income taxes collected. The bottom 50% of wage-earners pay only 5% of income taxes collected
President Bush’s most recent tax cut proves that tax rates were, in fact, too high. This is demonstrated through the simple fact that the first half of fiscal year 2004 is showing higher tax revenues than the same period for fiscal year 2003. Between October 2003 and March 2004 (the first half of FY 2004), tax receipts were at more than $850 billion, which is $25.3 billion higher than receipts for the year-ago period.
This means that federal tax receipts went up rather than down after the Bush tax cuts of 2003. America has just passed the midpoint of fiscal 2003 and so far the data seems to be confirming the supply-side model. The Bush boom is big enough that it has already affected the budget.