Current Tax System Favors the Rich?
There's very few things more annoying these days than listening to the class-baiting democrats decry George Bush for enacting 'tax cuts for the rich'. Has anybody bothered to research the issue, to see who foots the bill for our federal government?
The IRS website is an excellent source for comprehensive tax data. Here is what I discovered after about 30 minutes of research, based on 2000 tax data which is the most recent year available for this data. The lower earning class (under $50K) pays on average $2,160 per year. The middle class ($50K - $100K) pays on average $8,890 per year, and the upper class (over $100K) pays a whopping $59,164 per year on average. So when George Bush's tax relief act was passed, and the upper class saved several thousand per year and the lower class saved only hundreds per year, some dim-witted politicians cried foul.
During the past year, middle and lower class tax payers received checks for child care tax credits. Upper class payers received nothing. Yet the Democrats still cry foul. I suppose they won't be happy until taxes are eliminated for all citizens making less than $50K.