Report Finds Tax Cuts Heavily Favor The Wealthy

Article Abstract:

The Congressional Budget Office reports that one-third of George W. Bush's tax cuts since 2001 have gone to Americans who earn an average of $1.2 million a year, and are in the top 1 percent of income. The report confirms earlier analyses suggesting that the Bush tax cuts are biased in favor of the wealthiest American taxpayers. Analysts warn that in addition to the unfairness of the way the tax cuts favor the rich, the tax cuts must eventually be paid for, which will mean spending cuts or tax hikes but in a tax structure that will likely be even less progressive than that currently in place.

Public affairs, Ethics, Social aspects, Analysis, Ethical aspects, Bush, George W., Tax policy, Millionaires

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Top 1% in '01 Lost Income, But Also Paid Lower Taxes

Article Abstract:

The Internal Revenue Service reports that the wealthiest Americans' incomes fell in 2001, along with their income taxes. The Bush tax cuts that give the greatest benefits to the wealthiest 1 percent had not gone into effect in 2001. The maximum income tax rate has been reduced by Congress to 35 percent from 39.6 percent, while the top rates on capital gains and dividend income have been reduced from 20 percent to 15 percent.

Financial management, Economic aspects, Finance, Demographic aspects, Americans, Company financing

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At the Very Top, a Surge in Income in '03

Article Abstract:

The Internal Revenue Service reports that the incomes of the richest Americans (on tenth of one percent of income tax filers) increased by 9.5 percent in 2003, while the other 99 percent saw their incomes rise only 2 percent, which was less than the rate of inflation.

Income Distribution, United States economic conditions

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