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April 13, 2004

Analysis: Bush Tax Giveaway to Rich

As tax day approaches, it's worth a reminder of how Bush's tax cuts have blown a whole in the budget and transferred cash to the very wealthy.

Read this by Citizens for Tax Justice for an indepth analysis. The highlights:

  • By 2010, the cumulative cost of Bush's tax cuts will be $2.29 trillion (or $3.25 trillion if they are made permanent as the GOP wants).
  • Of that, $824 billion of that cost will have gone for tax cuts for the richest 1% of taxpayers-- over one-third of the total.
  • In 2005, the average tax cut for the average taxpayer (those in the middle 20%) will be $563, while the richest 1% will receive an average tax cut of $41,264.
  • As the tax cuts fully phase in, the benefits going to the wealthiest become larger and larger. By 2010, the richest 1% of taxpayers will be getting an $85,000 tax cut yearly, with that group getting 51.8% of all benefits of tax cut benefits that year.

    Posted by Nathan at April 13, 2004 07:28 AM