Fully one-third of President Bush's tax cuts in the last
three years have gone to people with the top 1 percent of income, who
have earned an average of $1.2 million annually, according to a report
by the nonpartisan Congressional Budget Office to be published Friday.
The report calculated that households with incomes in that top 1
percent were receiving an average tax cut of $78,460 this year, while
households in the middle 20 percent of earnings - averaging about
$57,000 a year - were getting an average cut of only $1,090. The new
estimates confirm what independent tax analysts have long said: that
Mr. Bush's tax cuts have been heavily skewed to the very wealthiest
taxpayers. Those are also the people, however, who pay a
disproportionate share of federal income taxes -although they do not
pay an appropriate proportion of taxes. [more ]
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