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The rich, soaked.(on President George W. Bush's tax policy)
IF you listen to critics, George W. Bush's tax cuts have dramatically changed the fairness of the U.S. federal income tax: "The Bush tax cuts give those who earn over $1 million a tax cut nearly 160 times greater than that received by middle-income Americans." Such rhetoric suggests that a big share of the tax burden has been passed on to the little guy.
Proponents of the cuts, of course, support them not because they are a giveaway to the rich, but because lower marginal tax rates improve the overall working of the economy, enhancing the welfare of people at the top and the bottom. And there is a bonus for a revenue-hungry government: When tax rates are lower, individuals have more incentive to work and less incentive to avoid taxes. That explains why the revenue cost of reduced marginal rates is much smaller than the static scorers in Washington let on.
According to the negative (Obama) view, when Bush's tax cuts took effect, the share of income taxes paid by the wealthiest Americans should have declined. The rich, in this scenario, benefited from the senseless giveaway, putting a greater and greater proportion of the tax burden on the poor. Under the positive view, by contrast, the share of income taxes paid by the wealthiest Americans might increase even when you cut their tax rates, since they will work harder and reduce their ...
- State reports on income taxes paid for 1993.
- Press release article from: Business Wire September 1, 1995 700+ words
SACRAMENTO, CalifBUSINESS WIRESept. 1, 1995--Californians filed approximately 12.4 million 1993 state income tax returns with the Franchise Tax Board, reporting approximately $473.5 billion of adjusted gross income. This is a decrease of 1.0% from 1992. The statewide median income on all returns
- Accounting for income taxes.
- Magazine article from: The National Public Accountant Jordan, Charles E. Clark, Stanley J. November 1, 1991 700+ words
...overhauled the method of accounting for deferred income taxes. Unfortunately, Statement 96 received heavy...amounts could be realized by carryback to reduce income taxes currently payable, income taxes paid in prior period, or a deferred tax liability...
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...the foreign tax credit, foreign income taxes are translated into dollars using...payments of separate creditable income taxes. In addition, the application of section 986 in respect of foreign income taxes paid after the end of the U.S. taxpayer...
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...presence and not pay income taxes on the revenue received...physical presence that pay income taxes put at a competitive...receive equal benefit from taxes paid as their in-state...their fair share of income taxes because they use intricate...
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...we compare the taxes paid under the old system...higher proportion of income taxes. The latest IRS...2005. The total taxes paid by these millionaire...quarter-century taxes paid by the wealthy...percent of all income taxes. Today, the top...
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- News wire article from: The America's Intelligence Wire February 22, 2006 700+ words
...thresholds and reduce state income taxes paid by low-income families. An...other words, relieving state income taxes on poor families can make a...and proposals to reduce state income taxes paid by low-income families at...
Source: HighBeam Research, The rich, soaked.(on President George W. Bush's tax policy)