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Just in Case Anyone is Still Wondering - Mo's Journal
August 23rd, 2007
12:30 pm

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Just in Case Anyone is Still Wondering
who has benefited from Republican tax cuts, there's this from the New York Times:

"The growth in total incomes was concentrated among those making more than $1 million. The number of such taxpayers grew by more than 26 percent, to 303,817 in 2005, from 239,685 in 2000.

These individuals, who constitute less than a quarter of 1 percent of all taxpayers, reaped almost 47 percent of the total income gains in 2005, compared with 2000.

People with incomes of more than a million dollars also received 62 percent of the savings from the reduced tax rates on long-term capital gains and dividends that President Bush signed into law in 2003, according to a separate analysis by Citizens for Tax Justice, a group that points out policies that it says favor the rich.

The group’s calculations showed that 28 percent of the investment tax cut savings went to just 11,433 of the 134 million taxpayers, those who made $10 million or more, saving them almost $1.9 million each. Over all, this small number of wealthy Americans saved $21.7 billion in taxes on their investment income as a result of the tax-cut law.

The nearly 90 percent of Americans who make less than $100,000 a year saved on average $318 each on their investments. They collected 5.3 percent of the total savings from reduced tax rates on investment income."


The entire article, headlined "2005 Incomes, on Average, Still Below 2000 Peak," is available at
http://www.nytimes.com/2007/08/21/business/21tax.html?bl&ex=1188014400&en=58c98e07c3e6a15c&ei=5087%0A

(6 comments | Leave a comment)

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From:talktooloose
Date:August 23rd, 2007 04:50 pm (UTC)
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If news like this isn't surprising, why does it still hurt so much?
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From:mofic
Date:August 24th, 2007 05:14 pm (UTC)
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That's what I want to know.
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From:realpestilence
Date:August 23rd, 2007 04:58 pm (UTC)
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That's damned depressing.


Resentfully,

Pesti


(who just popped in to see if you were round and about *pats you*)
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From:mofic
Date:August 24th, 2007 05:15 pm (UTC)
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I'm here. And thanks for all the interesting recipes and commentary. Sorry, I've been kind of pulled in a few directions lately. I meant to email you.
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From:realpestilence
Date:August 24th, 2007 05:49 pm (UTC)
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That's ok, I know you haven't had the greatest time lately. I was just concerned and badgering folks is what I do.

I've got another round or two of recipes & then the barrage will be through.

ttyl,

Pesti
From:(Anonymous)
Date:August 27th, 2007 04:53 pm (UTC)

shameful

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There's a comedian on the show Last Comic Standing (which my boys watch and I overhear) who was joking about how much he misses the Clinton years, when he had money. They'd barbeque on a Wednesday, just because they had extra money so what the heck... and so on. It's all in the delivery, of course.
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