Wednesday, April 05, 2006

Give Me a Break!

The NY Times analyzed IRS data and found that Bush's tax cuts really only helped the wealthiest in the nation. Among the findings:

¶Among taxpayers with incomes greater than $10 million, the amount by which their investment tax bill was reduced averaged about $500,000 in 2003, and total tax savings, which included the two Bush tax cuts on compensation, nearly doubled, to slightly more than $1 million.

¶These taxpayers, whose average income was $26 million, paid about the same share of their income in income taxes as those making $200,000 to $500,000 because of the lowered rates on investment income.

¶Americans with annual incomes of $1 million or more, about one-tenth of 1 percent all taxpayers, reaped 43 percent of all the savings on investment taxes in 2003

Click here for the full article

Ugh!!! I just paid my taxes and I wish someone would give ME a break.

- Jean Chen


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