Count me among those shocked, just shocked: Since 2001, President Bush's tax cuts have shifted federal tax payments from the richest Americans to a wide swath of middle-class families, the Congressional Budget Office has found, a conclusion likely to roil the presidential election campaign. The CBO study, due to be released today, found that the wealthiest 20 percent, whose incomes averaged $182,700 in 2001, saw their share of federal taxes drop from 64.4 percent of total tax payments in 2001 to 63.5 percent this year. The top 1 percent, earning $1.1 million, saw their share fall to 20.1 percent of the total, from 22.2 percent. Over that same period, taxpayers with incomes from around $51,500 to around $75,600 saw their share of federal tax payments increase. Households earning around $75,600 saw their tax burden jump the most, from 18.7 percent of all taxes to 19.5 percent.
8/13/2004
About Me
- Name: Josh Eidelson
- Location: Sacramento, California, United States
Josh Eidelson received his Bachelor's and Master's Degrees in Political Science from Yale University, where he helped lead the Undergraduate Organizing Committee. He has written about local and national politics as an opinion columnist for the Yale DailyNews, a research fellow for Talking Points Media, and a contributor to CampusProgress.org. Views expressed here are solely his own. Contact: "jeidelson" at "gmail" dot com.
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