THE SKEWED BENEFITS OF THE TAX CUTS, 2007-2016

[jus_the_facts]

http://www.cbpp.org/2-23-06tax.htm

If the Tax Cuts Are Extended, Millionaires Will Receive
More than $600 Billion over the Next Decade


KEY FINDINGS IN THIS REPORT:

Over the next decade, households with incomes above $1 million will receive about $648 billion in tax benefits from the tax cuts enacted since 2001 (assuming these tax cuts are extended).

In 2007, the tax cuts going to the top 1 percent of the income spectrum (those with incomes above $400,000 in that year) will exceed the amounts being devoted to programs the Administration identifies as national priorities, such as homeland security.

Over the next five years, the total savings from the deep cuts the President would make in domestic discretionary programs — including education, veterans’ health benefits, medical research, environmental protection, and various programs for low-income families — would be less than the cost of the tax cuts just for households with incomes above $1 million.


*SNIP*

[sweetpotato]

1. And I can write as many checks as I have printed, too!

They make the same amount of sense.

[jus_the_facts]

2. This is the reality.....stone cold REAL....

Since 2000, the budget has undergone virtually its largest six-year deterioration in the past half-century,from a surplus equal to 2.4 percent of the Gross Domestic Product in fiscal year 2000 to a deficit of 1.9 percent of GDP in 2006.*

http://www.cbpp.org/10-30-06bud.htm

[MazeRat7]

3. Damn... I'm still working on my first liquid million....

As a side note (and a question)... how many US households earn over $1M ?

I know in my deep blue county here in red Texas, there are just over 2000 households with liquid net worth in excess of $100M. Note: I said "liquid" assets.

I would like to know what the average distribution of that $648B is per household in that income bracket

Would make a really good talking point.

MZr7

[originalpckelly]

5. This is just the regular income tax...

The Capital Gains Tax, is a total fucking outrage. Millionaires effectively pay 15% tax on their capital gains (money earned on the increased value of investments.) Someone making $30,000 a year effectively pays 27-28% of their income in taxes.

[MazeRat7]

6. The 15% is on long-term capitol gains....

I pay regular rate (for my bracket) on all short term capital gains which are taxed like regular income.... which I will add is all I have considering I trade stocks/options to make extra $$$ for the family. In 5 years I have yet to hold an equity for longer than 12 months which would qualify it as a long term gain.

Anyway, long term CG's aside.. I was just curious on how many households report "standard" income above $1M.


MZr7

[originalpckelly]

4. That's not even the start of it...

I recently did the math, and most poor or middle class Americans pay far more than their fair share of taxes. I think I might post my research into this so we can prove to the freepers how bad it all is.

[jus_the_facts]

7. kick