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November 3, 2004 04:42 PM

Bush's Tax Cuts Are Unfair ... To the Rich.


Excerpt: The Bush tax cuts (which Congress just voted to extend) are an affront to the most fundamental principles of fairness. They are skewed in favor of those who already pay less than their rightful share of taxes and shift the burden even farther onto the shoulders of the most overtaxed. In other words, the Bush tax cuts are unfair to the rich.


The Bush tax cuts (which Congress just voted to extend) are an affront to the most fundamental principles of fairness. They are skewed in favor of those who already pay less than their rightful share of taxes and shift the burden even farther onto the shoulders of the most overtaxed. In other words, the Bush tax cuts are unfair to the rich.

I know there's a lot of hype to the contrary, but look at the numbers. If you and your spouse have a taxable income of $60,000 a year, you've had almost a 24 percent income tax cut since President Bush took office. (And ditto if your income was just $20,000.) Meanwhile, the folks who make $350,000 a year got a cut of only about 12.5 percent; those who make $1 million a year got an even smaller cut.

Pre-Bush, the $1 million a year couple paid 33 times as much as the $60,000 couple; today they pay more than 38 times as much. Here's the big picture:

Overall, the biggest percentage cuts went to the poorest of the poor (those with incomes in the $10,000 range) and the next biggest to those making about $60,000. After that, with some minor dips up and down, the relative size of your tax cut falls off as your income rises.

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Read all 46 posts in the same category of Tax:

Few People Aware Of New State Sales Tax Deduction - Dec 17, 2004
Ownership Has Its Privileges - Dec 12, 2004
Bush Rejects Raising Taxes to Pay for Social Security Plan - Dec 12, 2004
Social Security Reform, With One Big Catch - Dec 12, 2004
Bush Eyes Social Security Threat - Dec 12, 2004
Put Away Your Check Book - Dec 10, 2004
IRS to Issue Rules On Tax Shelters - Dec 09, 2004
Year-End Tax Planning Moves for Small Businesses - Dec 08, 2004
Give Tomorrow, Get the Tax Break Today - Dec 08, 2004
2004 Year-End Tax Planning Moves - Dec 08, 2004
CCH Capital Changes Identifies Top Ten Tax-Complex Corporate Actions for 2004 - Dec 07, 2004
GainsKeeper Suggests Year-End Tax Planning Strategies to Minimize 2004 Taxes Owed - Dec 07, 2004
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Poll: Social Security Needs Reform - Dec 07, 2004
Options Open On Tax Reform - Dec 07, 2004
More Tips to Slash Tax Tab - Dec 05, 2004
10 Tax Time Bombs To Defuse Now - Dec 04, 2004
Property Taxes Rising Nationwide - Dec 04, 2004
Noncash Gifts To Charities Can Be Deducted - Dec 04, 2004
2004 Year-End Tax Planning Moves - Dec 02, 2004
Get Your Car Ready for a Fast Giveaway - Dec 02, 2004
Don't Fear the Use-It-Or-Lose-It Rule - Dec 02, 2004
Partnerships Lose Tax Exclusion On Canceled Debt - Dec 01, 2004
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8 Profitable Year-End Tax Moves - Nov 29, 2004
Tax Break Curbed: Changes To Donation Write-Off May Hurt Charities - Nov 28, 2004
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Know Your Optimal Year-End Tax Strategies - Nov 22, 2004
To the Point of No Returns - Nov 22, 2004
Turning the Tax Tables to Help the Poor - Nov 22, 2004
With Checkbook in Hand, Think of Uncle Sam - Nov 22, 2004
Moratorium On Web Tax Advances - Nov 17, 2004
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Bush Advisors Urge Deeper Tax Cuts In 2nd Term - Nov 17, 2004
The Best Way to Save on Health-Care Costs - Nov 16, 2004
Use it or Lose It - Nov 16, 2004
A New Twist To Your Tax Bill? - Nov 16, 2004
Taxes and Consequences: The Second Term Begins - Nov 13, 2004
Microsoft Payout Tempts Investors On Tax Strategy - Nov 12, 2004
What the Recent Tax Changes Mean to You - Nov 07, 2004
Highlights of 2004 Changes in the Income Tax Laws - Nov 04, 2004
No Rest for the Bleary: New Tax Turns to Ponder - Nov 03, 2004