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Re: [RT] Fwd: Bond and S&P Update



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If your tax increased by 18+% you didn't pay less 
taxes.
<BLOCKQUOTE dir=ltr 
>
  ----- Original Message ----- 
  <DIV 
  >From: 
  Bob 
  To: <A title=realtraders@xxxxxxxxxxxxxxx 
  href="">realtraders@xxxxxxxxxxxxxxx 
  
  Sent: Friday, August 13, 2004 3:42 
  PM
  Subject: Re: [RT] Fwd: Bond and S&P 
  Update
  
  It's a cute argument but only deals 
  with percentages.....everyone's "burden" was in fact reduced.  
  
  <BLOCKQUOTE 
  >
    ----- Original Message ----- 
    <DIV 
    >From: 
    Pete Holt 

    To: <A 
    title=realtraders@xxxxxxxxxxxxxxx 
    href="">realtraders@xxxxxxxxxxxxxxx 
    
    Sent: Friday, August 13, 2004 4:07 
    PM
    Subject: Re: [RT] Fwd: Bond and S&P 
    Update
    
    Hope this is the last on this subject as here are the 
    correct figures from a Congressional Budget Office (non-partisan) report 
    issued yesterday - 8/12/04.
     
    Impact of the 2001 Bush tax cuts:
     
    Wealthiest 20% of tax payers (av. income=$182,700 in 2001) 
    paid 64.4% of total federal tax payments in 2001 decreasing to 63.5% in 
    2004.
    Top 1% (av. income =$1.1 million) paid 22.2 % in 2001 
    decreasing to 20.1% in 2004
    Middle income tax payers with incomes of $51,500 increased 
    from 18.7% in 2001 to 19.5 in 2004.
    Upper middle income tax payer with incomes of $75,600 
    increased from 18.7% in 2001 to 19.5 in 2004.
     
    The effective federal tax rate for the top 1% of taxpayers 
    fell from 33.4% to 26.7 %, a 20% drop.  The tax rate for those with 
    incomes averaging $51,500 saw their tax rates drop by 9.3%.  The 
    poorest taxpayers saw their tax rate drop by 16%.
     
    Conclusion - the 2001 tax reforms shifted the burden of 
    taxes from the poorest and the richest to middle income tax 
    payers.
     
    These figures are for federal taxes only, and include 
    Medicare, social security and other federal taxes .  Were state 
    sales and other local taxes included, the differences would be even 
    more stark.
     
    The report is available from the CBO and, probably, your 
    congressional representatives, if you want additional information.  
    BTW, the CBO is headed by a former senior economists from the Bush White 
    House.
     







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