Effective tax rate dropped from 24.2% to 19.6% for those earning $1.25 mil/yr

[RedEarth]

“Families earning more than $1 million a year are the biggest beneficiaries of President Bush’s tax cuts,” according to a new study by the Congressional Budget Office. “Households in the top 1 percent of earnings, which had an average income of $1.25 million, saw their effective individual tax rates drop to 19.6 percent in 2004 from 24.2 percent in 2000.”

Tax Cuts Offer Most for Very Rich, Study Says

By EDMUND L. ANDREWS
Published: January 8, 2007


WASHINGTON, Jan. 7 — Families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts, according to a new Congressional study.

http://www.nytimes.com/2007/01/08/washington/08tax.html?_r=1&oref=slogin

[dogday]

1. As we have been saying all along

Tax cuts benefit the rich....

[Double T]

2. Well, I'm sure willing to become poorer, so the rich can become richer.........

how about YOU????? TCGFT!!!!!!

[hashibabba]

3. Poor babies. Is that all they got? I wondered about the

actual figures, but I'd never heard them. My heart sure does bleed for them. :nopity:

[flamin lib]

4. I saw another article that said the rich are paying a larger % of the

tax revenue than before. That isn't inconsistent--there are more of them and fewer middle class because of the economic policies of the Republican party.

[KharmaTrain]

5. Look At All Those Yacht Builders That Have Jobs...

Ya know...this stuff trickles down. It goes to "pump up the economy". Well, if you're into building custom houses or a Mercedes dealer, you're looking good. For the rest...buck up, you want to be rich and only hate the rich because they have it and you don't. :sarcasm:

An interesting fact I heard recently...the demand for housing is strong in our area for houses valued at 125k or less (small and old or townhouses and condos) or over 1.5 mil. Anything inbetween hasn't been moving for months. It representative of what's happened to the middle class...it's been stagnated into economic destruction. The run-up in property values didn't mean cash in these people's pockets, but it sure meant higher property tax bills and coupled with higher oil prices and other needs (education, medicine, insurance) the squeeze is getting tighter and tighter. It's the biggest non news story of the upcoming year.

[porphyrian]

6. Good thing they cut veterans' benefits to make that happen.

No better way to "support our troops" than to abandon them when you're done using them.

[dipsydoodle]

7. Hmmm. OK for some I suppose.

[Quantess]

8. Midday kick & recommend.

I'd say this is an item not to be overlooked.

[Tierra_y_Libertad]

9. What is that stuff trickling down on us?

It sure isn't money.

[Quantess]

10. Tell us it's raining and pee off the balcony. (EOM)