Drmiler
CBO has released data that shows that the top 10% are the only economic group that is better off during the past 6 years. The Poor are much worse off because their wages have been static and they must pay the higher costs that we all must pay. The census Bureau Data showed that AFTER INFLATION there has been NO real wage increase during the past 6 years.
Thus "the rich are richer” Just as I said. The "the poor are poorer" and the "the middle income workers are about the same ". Just like I said!!!!!!!
Just one of many articles that show where the Bush Tax Cuts are going:
By EDMUND L. ANDREWS
Published: January 8, 2007
WASHINGTON, Jan. 7 — Families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts, according to a new Congressional study.
Skip to next paragraph The study, by the nonpartisan Congressional Budget Office, also shows that tax rates for middle-income earners edged up in 2004, the most recent year for which data was available, while rates for people at the very top continued to decline.
Based on an exhaustive analysis of tax records and census data, the study reinforced the sense that while Mr. Bush’s tax cuts reduced rates for people at every income level, they offered the biggest benefits by far to people at the very top — especially the top 1 percent of income earners.
Though tax cuts for the rich were bigger than those for other groups, the wealthiest families paid a bigger share of total taxes. That is because their incomes have climbed far more rapidly, and the gap between rich and poor has widened in the last several years.
The study offers ammunition to supporters and opponents of Mr. Bush’s tax cuts, which are all but certain to touch off a battle between the president and the Democrats who just took control of Congress.
Democratic leaders have taken pains to avoid an immediate fight over the tax cuts, most of which are scheduled to expire at the end of 2010. But Democrats are looking for ways to increase revenue well before then, in part because they want to spend more on education and energy without increasing the deficit.
Economists and tax analysts have long known that the biggest dollar value of Mr. Bush’s tax cuts goes to people at the very top income levels. One reason is that two of his signature measures, tax cuts on investment income and a steady reduction of estate taxes, overwhelmingly benefit the wealthiest households
Here is another article:
Big Gain for Rich Seen in Tax Cuts for Investments
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By DAVID CAY JOHNSTON
Published: April 5, 2006
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Multimedia
Graphic: Who Benefits Most From Tax Cuts on Investment Income
Graphic: Where the Dividends Live
Interactive Graphic: Dividends in Your County
Related
A Terrain That Peaks at $33,392 and Bottoms at $21 (April 5, 2006) Correction Appended
The first data to document the effect of President Bush's tax cuts for investment income show that they have significantly lowered the tax burden on the richest Americans, reducing taxes on incomes of more than $10 million by an average of about $500,000.
An analysis of Internal Revenue Service data by The New York Times found that the benefit of the lower taxes on investments was far more concentrated on the very wealthiest Americans than the benefits of Mr. Bush's two previous tax cuts: on wages and other noninvestment income.