Breaking: House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the Rich
Breaking: House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the Rich
House and Senate conservatives just agreed to move forward on another budget-busting tax bill favoring the wealthiest Americans. The latest plan — announced today “after months of tense negotiations and slipped deadlines” — will spend $70 billion to extend the 15 percent tax rate for capital gains and dividends until 2010. The agreement “paves the way for House approval of the measure as early as Wednesday. The Senate could clear the bill for Bush’s desk by week’s end.”
According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest Americans:
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.
Despite administration claims to the contrary, Federal Reserve economists have found these investment tax cuts haven’t boosted the stock market, and the non-partisan Joint Committee on Taxation has found that any economic benefits of the cuts are “eventually likely to be outweighed by the reduction in national savings due to increasing Federal government deficits.”
For full coverage, stay tuned to American Progress’ BudgetBlog.
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This is really beyond the pale…
May 9th, 2006 at 6:12 pmWoot I can buy an extra half tank of gas with my $20 dollar tax savings.
er sorry an extra 1/3 er 1/4 er 2 gallons
whatever…..
May 9th, 2006 at 6:16 pmWhy are republicans electing representatives to hurt them? I can see why the millionaires are voting repubs, but why are so many middle & poor viting repub?
Too many stupid pills?
May 9th, 2006 at 6:18 pmWhew, that was a close one. For a second there, I thought they might do something crazy, like use the extra tax income to pay for the war or lower the deficit.
May 9th, 2006 at 6:22 pmThe republicans have them convinced that Homosexuals are destroying families, that liberals are baby killers, that secularists will eliminate religious freedom. think if IRI and his “filthy communist left” statements and all that useless crap. How else do you get someone to vote against your economic interests?
May 9th, 2006 at 6:24 pmYou are Fing kidding me.
Let’s see how the trolls spin this one.
I am sure that it is Bill Clinton’s fault.
May 9th, 2006 at 6:28 pmmaybe the general voting public is convinced gay marriage, christ in the classrooms, the imprisonment of all middle east citizens~regardless, is the agenda they should be paying attention to? sound a little KKKarlish? what if….. the main stream media wasn’t owned by the goppers? …..what if diebold wasn’t owned by the goppers….. i think the repugs motto is “keep the people stupid and poor and they will supply the armed services with “manpower” cuz’ there is no future anywhere else”?it all sounds like KKKarl, whose free time is, hopefully!! about to end!
May 9th, 2006 at 6:30 pmGood thing. My Maserati,my 911 Turbo, and my Bentley are all due for tune-ups soon!
May 9th, 2006 at 6:30 pmOh joy.
May 9th, 2006 at 6:31 pmSit back and watch the Rethugs sell the public on the fact that the middle class is getting a tax cut too. They just on’t mention that it will be between $20 and $110, while the fat cats tax cut will be equal to the middle class guy’s total annual income.
May 9th, 2006 at 6:31 pmThis will be one for the Dems to harp on relentlessly with the facts.
If there’s one thing the richest 1% don’t have enough of, it’s got to be money!
Keep it up, GOP! Each and every repulsive move is another stake through your black hearts!
May 9th, 2006 at 6:32 pmThis is just another example of the repubs challenging the laws of nature. Only in Washington, DC are there more horses’s asses than there are horses. A suggestion: since they have proven themselves to be at least part equine let us break a leg on each of them and then have them shot! After all, they shoot horses, don’t they? Let’s shoot the repub horses’s asses!
Click on Clyde for DUHbya’s latest accomplishment.
A thought: if Toyota built a car that ran on horse shit, BUSHCO would be out of business and we libruls could drive for free!
May 9th, 2006 at 6:32 pmOT
former head of NSA speaks out against warentless wiretaps
http://www.wired.com/ news/ technology/ 0,70855-0.html?tw=rss.index
May 9th, 2006 at 6:36 pmOut of control deficit and they are giving another tax cut to the rich?
We need to get these whack jobs out of office!!!!
May 9th, 2006 at 6:36 pmThe fiscal responsible party, my A$$.
Trickle down, voodo economics has NEVER worked, ever.
#5 Krazny, you have said it sooooo perfectly. Roger That.
May 9th, 2006 at 6:37 pm#12 - Clyde, you’re the greatest. Love that website!
May 9th, 2006 at 6:38 pmThese criminals are going to try to get as many tax cuts as they can before they are ridden out of DC on a rail.
May 9th, 2006 at 6:38 pmAs reasonable minded adults we’re allowed to connect the dots here. It all begins with the corporate financing of elections. Money whores are elected by bottom line corporations, and are expected to dance to their masters. (See the rigged Bankruptcy laws, tax incentives to HCP/pharma/insurance companies, offshoring credible jobs, union busting, etc.) The recent history of this administration, and the corporate whore demo’s who single handedly regard their political career as “public service” is hypocritical, immoral, and many times illegal.
By creating such an unlevel playing field, the system now incubates crime. Street and common criminals now become the boogey-man, and the prison industry falls in behind the military industry as a thriving component of the U.S. economy. As the mansions get bigger; limosines longer, the homeless population under overpasses and bridges are exploding, and most Americans are two paychecks from a desperate career of beggin’ on the freeway. Something’s wrong! It’s pretty much a revolving pattern, and the public should have figured it out by now. Follow the money is as good advice now as it was made known 35 years ago.
May 9th, 2006 at 6:39 pm#14
Wayne, click on Clyde, scroll down a ways and find Grandma’s answer to DUHbya’s trickle down economics. It will work and it will happen in November!
May 9th, 2006 at 6:40 pm#3
If you just read the MSM, like most folks, it says the cuts are for middle class people. So all those readers think they are getting a real break.
May 9th, 2006 at 6:41 pmSo, they are giving another tax cut to the rich and raise the federal deficit level all in less than a week. Are those tied together? You bet they are.
May 9th, 2006 at 6:41 pmThe “trickle down” effect don’t work with the Colorado River, why would it work with money?
May 9th, 2006 at 6:44 pm19
Love that page Clyde =)
May 9th, 2006 at 6:52 pmLet’s see how the rich Democrats vote on this one. Any that vote for it should lose their seat. Period.
May 9th, 2006 at 6:52 pmThe GOP will cite an “average” tax savings, which is totally separate from the median tax savings. If you have had the luxury of sitting in an 8th grade math class, you understand that median and mean are two distinctly different methods of statistical analysis.
So if we average the 86,000 $ tax savings for multimillionares, or, even better, start at the billionaires saving millions and work our way down, we find that the mean tax cuts for hard-working Amerikans will be estimated somewhere around 1,500 > 3000 USD. The MEDIAN tax income, conveniently left out of Fox News and Washington Post presentations, is roughly 150>500 dollars.
Thanks for nothing.
BURN THESE FU33ERS ALIVE!$$!%!% BURN EM AT THE STAKE. BURN THESE FU$$ers ALIVe@%!%!%
May 9th, 2006 at 6:56 pmOh, and one more thng……………..
WE”RE DOOMED IF THE GOP WINS IN 08.
May 9th, 2006 at 6:58 pmOh, and one more thng……………..
WE”RE DOOMED IF THE GOP WINS IN 08. This country will collapse on itself.
May 9th, 2006 at 6:58 pmAt last, I can by that country on the North American continent I always wanted.
May 9th, 2006 at 7:07 pm#17
Agreed.
I think this is really a sign of desperation. The GOP insiders know their time is running out so they’re trying to grab all the free money they can before they’re thrown out on their asses.
May 9th, 2006 at 7:17 pmWhy am I surprised by this? I keep thinking that these people will come to their senses.
This is a continuation of what Republicans have been trying to do since 1981: drive the federal government into bankruptcy. Just ask Mr Norquist.
May 9th, 2006 at 7:25 pmThis is more evidence that the Left is fundamentally ignorant of basic economics. You can’t have a strong economy without leaving capital - as much capital as possible - in the hands of those who create the jobs. That includes every member of the investor class, which is growing once again. Lowering taxes only increases the size of the investor class over time, and thus creates more jobs for everyone.
The Bush tax cuts actually increased the tax burden on the top income earners, while reducing the burden on the middle class. I forget the exacty statistics, but something like 45% to 50% of all taxpayers pay less than 5% of the taxes. Yet when I look at “progressive” wishlists for a prospective Democratic Congress they tend to include lots of expensive programs, like universal healthcare, and more taxes on the “rich” - which seems to include anyone making $50,000 a year. There is no way that taxpayers are going to stand for taking more money out of their paychecks every month!
May 9th, 2006 at 7:26 pmThe country belong to Redman, not white greedy man.
No tax cuts, no money, Redman wants his land back… all of it.
Redman wants all oil, coal, gold, silver… everything. Redman want Manhattan.
It not belong to white man, it belong to Redman.
White man have nothing but stolen land.
White man bad, very bad. Give it back.
May 9th, 2006 at 7:28 pmJust got a letter from our electric company — rates are going up another 38 percent. Natural gas bills, despite a mild winter, increased at least that much, and the price of gasoline has doubled since Bush took office. All of these increases have the greatest impact on the lower and middle classes. Yet the Repubs take pride in giving tax cuts to the richest among us? This is just plain sick.
May 9th, 2006 at 7:28 pmLets face it folks. The wealthy republicans need the tax cuts. Afterall, they are spending millions in legal fees trying to keep their asses out of jail.
And think of the cost of KY Jelly, that shit aint cheap.
May 9th, 2006 at 7:34 pmSo Blue State Red, how much do you spend on KY Jelly these days? I bet the kind that warms on contact costs more than the regular stuff.
May 9th, 2006 at 7:36 pmLess money going to govt means less money they can waste. I say pay as little as possible to washington. I’ll take anything I can away from their corruption machine.
May 9th, 2006 at 7:38 pmJust got a letter from our electric company — rates are going up another 38 percent. Natural gas bills, despite a mild winter, increased at least that much, and the price of gasoline has doubled since Bush took office.
More economic illiteracy. Raising taxes won’t add one penny to your paycheck or your savings account. As far as energy is concerned, allowing more drilling off the coast and in ANWR. and building more refineries and nuclear plants will do a lot more to reduce your bills in the long run. If you are a taxpayer, raising taxes will only hit you where it hurts.
May 9th, 2006 at 7:42 pmBSR, so what about spending, are you proud to be part of the crowd that was part of the biggest Bait&Switch in the history of modern times, you know CONSERVATISM? Tell me from a basic economic philosophy how does perpetual debt, factor into the big picture.?Smaller government was a selling point from the GOP wasn’t it? Isn’t in theory wastefull to spend all that working capital by squandering it on pork ? The Liberals never lied to any body about spending can you look the GOP in the face and say just let the market forces take over?How do you spell inflation? The tax cut is the hedge for the faithful, just wait , soon it will pay off, vote for the GOP , we’ll lower your taxes and your kids will have to pay for it. What a total crock of SHIT.
May 9th, 2006 at 7:46 pmHere let me translate BSR for you guys.
This is all I hear:
May 9th, 2006 at 7:47 pmYeah Spudge Boy, BSR sounds like a broken record. Much like the Bubble boy. “Blah, blah, blah, duh, I’m an idiot”…….
May 9th, 2006 at 7:57 pmI’ve only one word for these criminals:
IMPEACH!
May 9th, 2006 at 8:08 pm#
Good thing. My Maserati,my 911 Turbo, and my Bentley are all due for tune-ups soon!
Comment by Flamethrower — May 9, 2006 @ 6:30 pm
And we can’t wait to rake you over the coals for the repairs, that we ummm Find!!
May 9th, 2006 at 8:41 pmGrover Norquist of Americans for Tax Reform found himself dragging out old tapes Gingrich recorded for aspiring Republican House members and listening to them in his car. “He was talking back then about where we’d be now, and his analysis was right on,” says Norquist. “You can count on no fingers the number of ex-congressmen who are still interesting to talk to, and he is the exception.
“We can’t stay in revolution mode all the time,” Norquist says. “But we need someone to create the ideas. We need another wave, maybe every 10 years. We need a new Gingrich.” Freshman Republicans today may call themselves mini-Newts, or rebels, or revolutionaries. But “none of them even approach him,” Norquist says.
The Newt Norquist Revolution is over, it went from a decent idea to pure corruption.
May 9th, 2006 at 9:03 pmThe Plan of the nep-Kooks, has been Bi-Partisanship. They no longer have that Bi-partisanship.
Nw they are just hacking and slashing, like an enemy retreating, Burn Slash Hack.
The Revolution is over, the liars cannot stop lying or burning.
Newt Gingrich and Patrick Kennedy have demonstrated the power and success of bipartisanship in the pursuit of improving healthcare in the United States.†…
Newt cheated on Wife, and was friendly with drunken Pat Kennedy, and Norquist as well as Delay.
Is it interesting to see the FOX news attack a Republican Democrat such as kennedy when he worked with Newt. How they Fall.
May 9th, 2006 at 9:15 pmThe Amerrica Haters
May 9th, 2006 at 9:16 pmBUSH AND THE Democratic GOP NEO-CONS!
re: 37. BSR: More economic illiteracy.
You really shouldn’t responding to messages if you can’t read. No one said anything about raising taxes — except you, presumably because that’s what you’ve been trained to think those who disagree with you must think. Wrong.
In fact, you probably should be posting at all if you can’t think independently, becasue you entirely missed the point — which was increasing economic/class disparity. The strength of the U.S. economy has always been consumer spending. More spending on necessities means less spending on other goods and services that drive the economy and make your rich folks rich. One could argue that outsourcing means the rich can now get richer even with reduced U.S. consumer spending, but I digress…
Your knowledge of energy policy and resources is equally shortsighted. Nuclear power plants can be made to operate safely, but there’s this little problem of radioactivewaste that lasts longer than you probably think the universe has existed. Refineries haven’t been built because the oil companies haven’t wanted to invest in them — and because not building them just so happens to restrict supply, causing prices to rise. Lastly, we cannot drill or mine our way out of our dependence on non-renewable energy resources. You probably laughed at Jimmy Carter and that stupid sweater, but if we’d started conserving and seriouisly exploring alternatives back then, Bush wouldn’t have had to make up a bunch of lies for invading Iraq.
May 9th, 2006 at 9:24 pmAll the Republicans in Washington, DC, should be tarred, feathered and run out of the capital! Deport them all to Siberia or Israel > lol.
May 9th, 2006 at 9:29 pmOnly Republiscums would have the convoluted thought that not cutting taxes is a tax increase.
May 9th, 2006 at 9:38 pmFederal Reserve economists have found these investment tax cuts haven’t boosted the stock market
May 9th, 2006 at 10:16 pmI think it’s absurd for the government to have a policy based on boosting the stock market. In theory the stock market represents the value of the industries involved. Make a good product, see your profits rise (and presumably your stock value). True fiscal conservatives shouldn’t be gaming the system. Sure, if you dump a few billion dollars on an industry it’s stock value will go up, but that value represents shaking down the taxpayer, not providing better goods and services.
Comment 31 shows the usual lack of well founded thought and facts. The burden has actually fallen on high wealth families. This is because their primary income is derived through investment income and not wages or salaries. Additionally, tax burden on lower income earners has increased. The Republicans always finesse this issue by only looking at federal income tax on incomes derived through salaries and wages. They conveniently overlook the other sources of tax burden. These include regressive payroll taxes (SSN which does not go for social security but instead is used as general revenue. There is no requirement that payroll tax be used for SSN - a fact that Bush made very clear during his privatization of SSN campaign.) They also ignore state and local taxes, sales taxes and the impact of low tax on income derived through low dividend taxes. Also they fail to note that the vast majority of citizens are invested in the stock market through mutual funds that form part of 401k and similar investments. The full amount has deferred taxes but is treated as fully taxable when funds are withdrawn after retirement.
Trickle down economics were long ago proven to be vodoo economics. The drive towards globalization makes that more true today. Significant amounts of investment income goes into investment for US business relocating capital and labor to foreign countries. Off shoring of company profit further reduces the amount of tax income to the government. The rapidly expanding inequality of income in this country merely proves the point.
May 9th, 2006 at 10:16 pmI’m middle class, and i haven’t felt a damn thing from all these tax cuts.
The Republican tax cuts have not done a damn thing for me.
All the Republicans Have done is give more rights to Corporations and the wealthy while slowly stripping me of mine.
May 9th, 2006 at 10:46 pmThose greedy bastards! I hope there is some cosmic balance in the world and in their next lives they come back as starving people in Africa.
May 9th, 2006 at 10:48 pmFCUK BSUH
May 9th, 2006 at 11:01 pmBSR, don’t comment about economics ever again. You are worse than Reagan in the height of his Alzheimers.
May 9th, 2006 at 11:16 pmSo here’s the real question. Is this site recycling articles or are there just lots of people here who are so lazy that they are reposting the exact same comments they made a few months ago? I know that I read these same postings not so long ago. I’m going to hope its lazy people and that this isn’t the blatant political spin site it appears to be. I’ve accepted that many of the posters are really kids of, at best, college age due to the large number of rapid-fire vulgar posts. It’d be a shame if it was all just recycled smear. Better QC next time okay guys?
May 9th, 2006 at 11:32 pmYou can make a good enough argument against further tax cuts without citing your own blog as a source. That’s just poor form and detracts from whatever point you are trying to make.
May 9th, 2006 at 11:35 pm#55
Your comments, your reference to QC, and your Pseudonym bring back memories of my production years and the old adage: Those that can, do; those that can not, teach; those that don’t know the difference, inspect. Obviously you have some orientation problems. Just click on Clyde and learn the truth!
May 10th, 2006 at 12:02 amThey just on’t mention that it will be between $20 and $110, while the fat cats tax cut will be equal to the middle class guy’s total annual income.
Comment by Marie #10
Marie,
The tragedy lies lies in the fact that WE CAN”T AFFORD TAX CUTS FOR ANYBODY!
…we’re borrowing money for a WAR :-) chuckle…
…forgive me, it’s just that every time I think of how much money Bushiva, L’il Dick and Halliburton et al are stealing I get a little giddy…
…anyway, where was I…
… yeah, China is lending the U.S. taxpayers the money to prosecute a scam perpetrated by TRAITORS in the White House to make the Bushites, and their cronies rich…
…money that our children and grandchildren will have to repay…
…and the Republiscum-led congress is passing another round of tax cuts for the rich?
May 10th, 2006 at 9:19 am#31 BSR: “This is more evidence that the Left is fundamentally ignorant of basic economics. You can’t have a strong economy without leaving capital - as much capital as possible - in the hands of those who create the jobs.”
Hey BSR, this country was founded upon the AMERICAN DREAM, where the little guy is SUPPOSED to have a fighting chance. What about those of us with dreams of NOT working for a corporation for their entire lives only to be Enronned?!?
Leaving “as much capital as possible - in the hands of those who create the jobs” - only gives FAT BASTARDS like Lee Reynolds of exxon $400 Million dollar “retirement packages”.
And what about “offshore corporations” and their non-taxpaying MO? Are you for those, too?
If you actually pay attention to the rate of CEO raises compared to the avg. worker, you might change your mind. But that would require critical thinking and that might lead to answers that don’t support the ‘resident.
May 10th, 2006 at 10:29 am#18 Beavercleaver
Only 35 years ago? People should have figured it out 2006 years ago when Christ was taking on the money changers and Pontius Pilot. The more things change the more they stay the same I suppose.
We need to do more than just follow the money, we need to keep an eye on it at all times.
Regarding the trickle down cartoon that clyde the ripper provided I have another trickle down theory. I call it the trickle down theory of accountability.
Invest money in the kind of surveillance measures that would make Big Brother blush at the very top of society - amongst the politicians, CEO’s and seniormost bureacrats - and watch accountability trickle down through the rest. For just a few hundred million dollars I bet we could easily hard-wire the above to the Internet via wireless wearable web-cams and microphones. People could then just log on to their Governet and see what their political and economic leaders and minions were up to at any time.
Think of it this way, most nations, especially the one’s under God, have labored under the belief that God was keeping an eye on their rulers and that the fear of His judgement would curb their excesses. Sounds good in theory doesn’t it? My solution simply builds on this and the idea that ‘thou art God’.
Aiming Big Brother’s telescreens the other way is the only way we’ll be able to do anything about the Machiavellian circle-jerk we call power and wealth - the fundamental root cause of most of our world’s problems.
May 10th, 2006 at 12:06 pm“A report released last summer found that more than $1 billion in funds paid to Vice President Cheney’s former firm Halliburton for work in Iraq were found by auditors to be “questioned,†“unreasonable in amount,†“inflated,†or “excessive,†while another $422 million were “unsupported†by Halliburton’s documentation.â€
-American Progress Report-
Marie #10,
This kinda drives home my point…
…don’t you think?
May 10th, 2006 at 12:22 pmIt never ceases to amaze me at the greed that this Congress has. I guess they know when the Democrats take over, the tax breaks for the upper 5% of Americans will no longer get a free ride. That’s if there are any Democrats not in the pockets of corporate America. This is why we need more Russ Feingolds, and less Hillary Clintons. And no Joe Liebermans.
These tax cuts are obscene!
May 10th, 2006 at 1:36 pmThere’s just one problem with that theory: That rarely – if ever – happens. IT’S A MYTH.
Instead, those at the top simply pocket the money and give themselves raises. For proof, just look at the stunning growth in CEO salaries and the stagnant (when inflation is taken into account) wages of those who actually do the work.
Add to that the decent paying manufacturing jobs that are disappearing in this country and what the current administration and Congress are doing is creating a few select haves and a bunch of have-nots.
And what, exactly, is your proof of this? Link, please.
Translation: I have no stats to back up my claim …
And when I look at Conservative realities, they tend to include wars that cost billions, ricockulous debt, rampant corruption that that leads to multi-million dollar payoffs, and a refusal to adjust the minimum wage so that people can make a living.
That’s because a majority of taxpayers wouldn’t have that money taken out of their paychecks – all we ask is that billionaires not get huge tax breaks, and that corporations pay their fair share instead of getting billions in what amount to government subsidies.
Face it – the current system is NOT working for a vast majority of Americans. Well, unless you’re rich (which I would define as income of more than $200,000 a year per person, with adjustments for where the person lives).
May 10th, 2006 at 2:13 pm#60 - YOU ARE SOOOOO RIGHT ON!!!
They are the ones who need to be watched!! What corrupts more than power / money?!
May 10th, 2006 at 2:29 pm[…] http://thinkprogress.org/ 2006/ 05/ 09/ 70-billion-tax-cuts/ Despite administration claims to the contrary, Federal Reserve economists have found these investment tax cuts haven’t boosted the stock market, and the non-partisan Joint Committee on Taxation has found that any economic benefits of the cuts are “eventually likely to be outweighed by the reduction in national savings due to increasing Federal government deficits.†[…]
May 10th, 2006 at 4:05 pm[…] http://thinkprogress.org/ 2006/ 05/ 09/ 70-billion-tax-cuts/ Despite administration claims to the contrary, Federal Reserve economists have found these investment tax cuts haven’t boosted the stock market, and the non-partisan Joint Committee on Taxation has found that any economic benefits of the cuts are “eventually likely to be outweighed by the reduction in national savings due to increasing Federal government deficits.†[…]
May 10th, 2006 at 4:07 pmA flood of income tax payments pushed up government receipts to the second-highest level in history in April, giving the country a sizable surplus for the month.
In its monthly accounting of the government’s books, the Treasury Department said Wednesday that revenue for the month totaled $315.1 billion as Americans filed their tax returns by the April deadline. The gusher of tax revenue pushed total receipts up by 13.4 percent from April 2005.
It marked the largest one-month receipt total since the government collected $332 billion in revenue in April 2001, reflecting a boom in capital gains from stock investors lucky enough to cash out their investments before the bursting of the stock market bubble in early 2000.
http://www.breitbart.com/ news/ 2006/ 05/ 10/ D8HH2VM08.html
You’re welcome. You losers who make under 40k/year paid virtually nothing. I guess that’s why you can afford all those lottery tickets.
May 11th, 2006 at 2:22 pmIF WE ARE NOT SPIRITUALLY STRONG, THEN WE CAN’T NEGOTIATE PROPERLY. IF WE ARE NOT MENTALLY STRONG, THEN WE DO NOT HAVE THE GRIT TO NEGOTIATE. THEN WE BUILD MORE GUNS AND BOMBS
May 12th, 2006 at 10:35 am4.8 percent reduction = $82000.00. That means they were paying $1,600,000.00
May 21st, 2006 at 9:48 amThat 82,000 will buy vacations, travel, dinners, goods and services—all the thing that keep people employed. When the store shelves get empty, more goods are ordered from suppliers which pay their employees. And the circle continues.
Top 1% pay over 20% of all taxes, while the bottom 50% pay about 15%
[…] And the Democrats are still afraid of having a strong reform/contract with America message. Think Progress » Breaking: House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the…: According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest […]
March 23rd, 2007 at 11:34 am[…] And the Democrats are still afraid of having a strong reform/contract with America message. Think Progress » Breaking: House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the…: According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest […]
March 23rd, 2007 at 11:49 am[…] And the Democrats are still afraid of having a strong reform/contract with America message. Think Progress » Breaking: House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the…: According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest […]
March 23rd, 2007 at 12:10 pm[…] And the Democrats are still afraid of having a strong reform/contract with America message. Think Progress » Breaking: House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the…: According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest […]
March 23rd, 2007 at 2:15 pm