Analysis of Tax Bill -Benefits today's Rich via borrowing/National Debt

[papau]

http://www.nytimes.com/2006/05/05/business/05cut.html?ex=1304481600&en=797b89cbbc678338&ei=5088&partner=rssnyt&emc=rss

May 5, 2006
Analysis of Tax Bill Finds More Benefits for the Rich
By DAVID CAY JOHNSTON
The tax cut bill that Senate and House leaders have generally agreed upon is expected to save Americans at the center of the income distribution an average of $20 each, according to estimates by the Tax Policy Center, a nonprofit research organization in Washington.

The top tenth of 1 percent, whose average income is $5.3 million, would save an average of $82,415. Those in the top group would see their tax bill cut 4.8 percent, while Americans at the center of the income distribution — the middle fifth of taxpayers, who will earn an average of $36,000 this year — could expect a 0.4 percent reduction in their tax bill, or about $20.

Those who make less than $75,000 — which includes about 75 percent of all taxpayers — would save, at most, $110 each. Those making more than $1 million would save, on average, almost $42,000.

President Bush has said he supports the plan unless it becomes laden with provisions he considers extraneous. The bill hit a roadblock yesterday in a fight involving the tax treatment of charities. Congress values the tax cuts at $70 billion. They would have to be financed with borrowing.<snip>

[redqueen]

1. Let's hope people take notice, and scream bloody murder...

before they screw us even harder.

888-335-3588

[papau]

2. Our media is only concern with noting "not funny and rude" - Screwing the

non-rich stories are really not a concern of our not RW GOP controlled - they just act like they are - media.

[redqueen]

4. Truly...

Hopefully what with Colbert's recent help, enough people are starting to notice, that some REAL pressure will start being felt by these 'journalists'!

[flamin lib]

3. Just saw this and did a screed on it for my political address book.

The Republican party is a one trick pony. Tax cuts is all they can do.

After my Parents in law died I packed up the house. Some stuff stored in the attic was packed in newspapers from the late '40s. I remember a WSJ front page article extoling the virtues of a tax cut. They thought 1.5% income tax top rate was just toooooooo high.

Economy in the tank? Tax cut.

Deficit too high? Tax cut.

Can't supply body armor? Tax deduction on cost of buy your own.

War going on? Tax cut.

[Inland]

5. And if these tax cuts were any more fair, say repubs, the economy is sunk.

I don't understand the argument that the economy is going great but if the government doesn't keep on with higher deficits and more unfair taxation, it's going to tank. When, exactly, is a good time to stop adding to deficit spending if not now? When would be a good time to let the middle class and working class in on the party, if not now?