|08-13-2004, 06:22 PM||#1|
Angling in the Deep
Join Date: Oct 2003
Location: Texas Riviera, Southern Mountains
Tax Burden Shifts to Middle Class
Again, Bush's economic policies benefit the wealthy, not middle America.
He spends more than any other president in history while cutting revenues.
He proposes programs but doesn't fund them or explain how they'll be funded, *No Child Left Behind* as one example.
Record deficit, National Debt has continued to increase an average of
$1.73 billion per day since September 30, 2003!
He just stripped overtime pay from 6 million Americans and is proposing "comp" time for millions more in place of overtime.
He's bankrupting America's children before they even enter the workforce.
WASHINGTON - President Bush (news - web sites)'s tax cuts since 2001 have shifted more of the tax burden from the nation's rich to middle-class families, according to a study released Friday by the Congressional Budget Office (news - web sites).
The tax rate declined across all income levels — but more so in the top brackets, the report said.
People in the top 20 percent of incomes, averaging $182,700 a year, saw their share of federal taxes decline from 65.3 percent of total payments in 2001 to 63.5 percent this year, according to the study by congressional budget analysts.
In contrast, middle-class taxpayers — with incomes ranging from $51,500 to $75,600 — bear a greater tax burden. Those making an average of $75,600 had the biggest jump in their share of taxes, from 18.5 percent of all payments in 2001 to 19.5 percent this year.
The study, requested by congressional Democrats in May, is expected to provide fodder for the presidential campaign over the fairness of more than $1 trillion in tax cuts Bush has pushed through Congress since taking office.
"George W. Bush keeps trying to mislead Americans into thinking we're turning the corner, but truth is that he is turning his back on middle-class families," Kerry spokesman Phil Singer said. "The Bush policies are exacerbating the squeeze that working families have been feeling for the last four years."