These Tax Cuts Ain't For You, Honey

[54anickel]

http://www.newtownbee.com/Opinions.asp?s=Opinions-2004-04-29-13-39-04p1.htm

It would take 17 Donald Trumps to match the $43 billion net worth of investor guru Warren Buffett, the world's second-richest man. When it comes to federal taxes, though, Buffett pays about the same rate as his office receptionist.

"I pay a somewhat higher rate for my combination of salary, investment, and capital gain income than our receptionist does," Buffett wrote last year, "But she pays a far higher portion of her income in payroll taxes than I do."

If President George W. Bush's tax cuts for the wealthy keep moving forward, the receptionist will pay a higher overall tax rate than her boss. She already pays a higher rate in state and local taxes. In Nebraska, home of Buffett's firm, Berkshire Hathaway, the richest one percent of families effectively paid 6.4 percent of their income in state and local taxes in 2002, the middle 20 percent of families paid 9.8 percent, and the bottom 20 percent paid 10.2 percent, reports the Institute on Taxation and Economic Policy.

In the president's home state of Texas, taxes are even more regressive: The richest one percent paid just 3.2 percent of their income in state and local taxes, the middle fifth paid 8.2 percent and the poorest fifth paid 11.4 percent - more than three times the rate of the rich.

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[RobertSeattle]

1. Well Duhhhh.... You stupid poor people should get rich

And you'll pay less taxes then - it's Bush's brilliant incentive for poor people to work hard at Walmart so they can become rich!

/sarcasm

[displacedtexan]

2. Until Americans begin to understand basic math concepts

...repukes will be able to get away with this crap.

BTW, you've posted some really important stories today!

Thanks!
:yourock: