June 20, 2008

Tax Cuts For The Rich!

Maybe President Bush really is a moron -- his signature Taxcutsfortherich® have been a complete failure.

Investors' Business Daily

Using 2008 Internal Revenue Service statistics, the 2001 cuts shifted the income tax burden up the economic ladder.

In 2000, the top 1% paid 37.4% of all income taxes vs. 39.4% in 2005. The top 2% went from 56.5% to 60%, the top 10% from 67.3% to 70.3%, the top 25% from 84% to 86%, and the top 50% from 96% to 97%.

tax_rates.gif


Hat-tip: Professor Mankiw

President Bush Posted by John Kranz at June 20, 2008 5:09 PM
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