Posted by
Vonnie on Thursday, August 07, 2008 3:30:09 PM
Bush tax cuts are for the rich. This is another make it up, not look it up. I looked it up.
For a married couple filing jointly making $50,000, they have had the following earning range and tax rates over the years.
Before Bush Tax Cuts
Year 2000 Tax Bracket:
43,850-105,950; 28%
Year 2001 Tax Bracket:
45,200-109,250; 27.5%
Year 2002 Tax Bracket:
46,700-112,850; 27%
After Bush Tax Cuts
Year 2003 Tax Bracket:
14,000-56,800; 15%
Year 2004 Tax Bracket:
14,300-58,100; 15%
Year 2005 Tax Bracket:
14,600-59,400; 15%
Year 2006 Tax Bracket:
15,100-61,300; 15%
Year 2007 Tax Bracket:
15,650-63,700; 15%
Year 2008 Tax Bracket:
16,050-65,100; 15%
You could say this family could make more over the years. If you look at the ranges, they advance to adjust for inflation.
This Family's Tax Savings:
13% tax rate savings from 2002 to 2003
$6,500 tax amount savings for each year of 2003-2008
Even if this family gets a 10% raise, the amount savings are:
Year 2002: 50,000 * 27% for 13,500 tax
Year 2003 for 10% raise: 55,000 * 15% for 8,250
$5,250 tax amount savings for each year of 2003-2008
But, if the family moves up faster than the earning ranges do, then the next tax brackets are:
After Bush Tax Cuts
Year 2003 Tax Bracket:
56,800-114,650; 25%
Year 2004 Tax Bracket:
58,100-117,250; 25%
Year 2005 Tax Bracket:
59,400-119,950; 25%
Year 2006 Tax Bracket:
61,300-123,700; 25%
Year 2007 Tax Bracket:
63,700-128,500; 25%
Year 2008 Tax Bracket:
65,100-131,450; 25%
This Family's Tax Saving
Year 2002: 50,000 * 27% for 13,500 tax
Year 2003: 60,000 * 25% for 15,000 tax
Year 2003 without the tax cuts: 60,000 * 27% for 16,200
$1,500 more taxes on 10,000 more earnings
$1,200 tax savings if no Bush Tax Cuts.
Some Rich Tax Facts:
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The tax rate cut on the top 1% decreased from 39.5% to 35%, for a tax rate savings of 4.5%
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Only 2% of the rich had their wealth given to them
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The remaining 98% worked themselves up into the wealthy bracket
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The number of millionaires have doubled since 2000
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In 2000, the top 1% paid 25% of the tax revenue collected.
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In 2008, the top 1% paid 40% of the tax revenue collected.
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In an article comment, a person said well the rich make 80% of earned income. No, not true. This commenter made it up, not looked it up.
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In 2007 where I have this type of records, the top 1% were 1,357,192 taxpayers for 1.7 trl earned income of the total earned income of 8.1 trl, which is 21%.
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This top 1% taxpayers and 0.3% of the population, paid 408 bln of the total collected of 1.0 trl, which is 40.8%.
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To recap, the top 1% earn 21% of income, not 80% of the income. And, they paid 40.8% of the total taxes collected.
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Even if you say use the top 5%, they earn 2.0 trl of the 8.1 trl income and pay 616 bln of the 1.0 trl tax collected.
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To recap this top 5%, the earnings is 25% of income and the tax they pay is 62% of the total taxes collected.
- The tax is progressive, where the rich have the greater burden.
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The government has collected more tax revenue than any time in history.
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I thankful for every rich person that has provided me jobs I have had in my life.
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You may think if we did not have this tax cut we could collected more. No, not true. I have lived in the business world all my life. I know the retraction of work when the companies can not invest because of their expenses. Adding taxes, adds to their expenses. And to recoup their expenses, they pass it onto their customers. So they earn less, pay less taxes, and add expenses to the lower level taxpayers.
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All government programs have continued percent increase every year. I watch C-Span, which is directly from congress, not filtered through a news and entertainment programs. Congress works overtime to fund these government programs and take vacation when it is time to solve economic problems.