50% of taxpayers pay 97% of all Federal taxes thanks to Bush Tax cut

admin — Wed, 23 Jul 2008 13:44:22 +0000

The politicans that want to raise taxes say that the Bush tax cut hurt the poor. Nothing could be further fromn the truth. The Wall Street Journal reports that “Washington is teeing up “the rich” for a big tax hike next year, as a way to make them “pay their fair share.” Yet, the latest IRS data show that the 2003 Bush tax cuts caused what may be the biggest increase in tax payments by the rich in American history. The top 50% of taxpayers paid 97% of all federal taxes. This is up from 88%. 50% pay no taxes at all and that curve is trending up. But they want to raise taxes even more! Where does it stop? Americans, and Californians particularly, are already taxed to the max. It’s time for both the Feds and the California Legislature to cut spending.

HALFWAY TO CONCORD » bush tax cut

50% of taxpayers pay 97% of all Federal taxes thanks to Bush Tax cut