2006/05/10

GOP Reaches Deal on Millionaire Welfare

WaPo's headline really reads, "GOP Reaches Deal on Tax Cuts", but that doesn't quite tell the whole story. The article contains a pretty chart about who'll benefit from the newest round of national debt inflation, but the Tax Policy Center left out one critical column. I've added that column below:
IncomeTax SavingsPercentage
$15,000$20.013%
$25,000$90.036%
$35,000$160.046%
$45,000$460.102%
$62,500$1100.176%
$87,500$4030.461%
$150,000$1,3880.925%
$350,000$4,4991.285%
$750,000$5,5620.742%
$1,500,000$41,9972.8%
Read it and f*cking weep. Unless of course you make $1.5 million...then cheer.

19 Comments:

::sigh:: nothing ever changes, does it?
The part about "GOP Reaches Deal..." that's interesting is that this is the GOP reaching a deal with itself. This is a party interested in ruling, not governing.
The "values" party once again proves they have no souls. Money is their god.
I'll bet that if you looked at the demographics of GOP donors the sweet spots would be the $200K - $500K and above $1.5M ranges--right where the biggest tax cuts are centered. As always follow the money. Can anybody supply some stats here?
As I understand it, the phenomon is called 'market forces'. About time we saw a swing to the 'people forces'.
Thanks for this post, kvatch. This really puts the tax cuts in perspective
Hey, I'm still awaiting for my economics to trickle down....shall I hold my breath some more?
Woo-Hoo! I can save $9-$16! That's almost half a tank of gas! Well, it was yesterday.
Add to that this: Just 400 taxpayers, out of 145 million, got 7% of all capital gains (as reported in the yr 2000-- the last yr we have any data on), and my lousy $20 tax cut is costing me and every new baby born w/ $30,000 of debt since $30K is each person's share of the Bush $10 trillion deficit. So, what is the interest on a $30,000 loan? And how many days of interest would $20 pay? Thanks Bush... for ruining the lives of millions today, tomorrow, and generations yet to come.
R-bE, thanks for linking me and spreading the word. I think the percentages really hammer home how regressive this is.

Windspike...yeah me too.

Ron, careful there your economics are showing. :-)
I'm a long way from the $1.5 million. If I ever get there, though, I'll hire someone like Kvatch to do my blogging for me.
Ol' Ben Franklin said "A Penny saved is a penny earned," or something like that. Anyway, by that standard, those earning a whopping $15,000 (more than my grandfather made in his lifetime, btw) save an impressive 200 pennies!
This is why Republicans hate it when we talk about class warfare. They are under the impression that the war is already over and their side won...
At the same time the Republicans are using our money to buy votes for themselves with tax cuts that benefit most the top one percent of all income groups. In the mean time our national debt is now forecast to go above $10 trillion dollars. That's like with lots of zeros behind the ten. http://www.cbsnews.com/sections/i_video/main500251.shtml?channel=eveningnews You'll have to scroll down to see this piece.

Now, do you think voters are going to know enough to realize this is not a good thing either for them our our country? Right now the share of the national debt for each family in this country is more than $89,000. Nuts!
TomPaine has a good article up about this topic..title..The Welfare Kings
And just when we thought it was safe to go into the water...
class war - class war - class war!!!!!
"I'm a long way from the $1.5 million. If I ever get there, though, I'll hire someone like Kvatch to do my blogging for me."

LOL :)
"I'm a long way from the $1.5 million. If I ever get there, though, I'll hire someone like Kvatch to do my blogging for me."

LOL :)


And I'm very...very...VERY expensive! :-)

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