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Aug. 16th, 2004 10:05 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
asherisThe Congressional Budget Office has released their study of the Bush tax cuts- the ones Bush claimed "are especially focused on low and moderate income families." (GeorgeWBush.com, 11/2000) According to the research by this non-partisan office, based on numbers for the current tax year:
The wealthiest 1%, who average $1.2 million in income annually, are receiving an average annual tax cut of $78,420 this year. That tax cut is 6.5% of their average income.
The middle 20% of taxpayers, who average $51,000 in income annually, are getting an average annual tax cut of $1,090 this year. That tax cut is 2.1% of their average income.
The bottom 20% of taxpayers, who average $16,620 in income annually, are getting an average annual tax cut of $250 this year. That tax cut is 1.5% of their average income.
Since the bottom three quintiles have been hit the hardest by the recession and ongoing high unemployment rate, just what, exactly, is it that he's "focusing on" the low and moderate income families?
I think we can eliminate "help" from the possible answers.
And since we're talking taxes...
An FYI for those who've never had to find out for themselves: if you collect unemployment, you DO owe federal and state taxes on that income.
This means that any year you collect unemployment, you are likely to find yourself owing the IRS and the state money when you do your taxes. (Even if you request that they take taxes out of your unemployment check, because they take only a token amount.) Talk about kicking people when they're down!
If the president had really wanted to help the people who were being hurt by the recession, he'd have backed the proposal to make unemployment funds non-taxable. THAT would have left money in the pockets of the people who needed it most.
The wealthiest 1%, who average $1.2 million in income annually, are receiving an average annual tax cut of $78,420 this year. That tax cut is 6.5% of their average income.
The middle 20% of taxpayers, who average $51,000 in income annually, are getting an average annual tax cut of $1,090 this year. That tax cut is 2.1% of their average income.
The bottom 20% of taxpayers, who average $16,620 in income annually, are getting an average annual tax cut of $250 this year. That tax cut is 1.5% of their average income.
Since the bottom three quintiles have been hit the hardest by the recession and ongoing high unemployment rate, just what, exactly, is it that he's "focusing on" the low and moderate income families?
I think we can eliminate "help" from the possible answers.
And since we're talking taxes...
An FYI for those who've never had to find out for themselves: if you collect unemployment, you DO owe federal and state taxes on that income.
This means that any year you collect unemployment, you are likely to find yourself owing the IRS and the state money when you do your taxes. (Even if you request that they take taxes out of your unemployment check, because they take only a token amount.) Talk about kicking people when they're down!
If the president had really wanted to help the people who were being hurt by the recession, he'd have backed the proposal to make unemployment funds non-taxable. THAT would have left money in the pockets of the people who needed it most.
