Average tax cut this year for U.S. citizens whose annual household income ranks in the top 1%, according to the Congressional Budget report.
$1,090
Average tax cut this year for households with an average annual income of $57,000.
Posted by Mikal at April 19, 2004 8:24 PMEver hear of the theory of relativity? People with more money, pay more taxes. Therefore, tax breaks will be bigger for people who pay more taxes.
That was a tough one to figure out.
Posted by: at January 13, 2005 2:41 PMActually, the theory of relativity is E=MC(2). It has nothing to do with taxes. Of course people who earn more money will pay more taxes (and get more tax breaks). But taxes are a larger percentage of income for someone in lower earnings brackets. And, as it works out in the Bush tax cuts, the cuts represented as a percentage of income were much greater for earners in the wealthier brackets.
So, of course a 1% tax cut for someone making 200,000 is more money than for someone making $20,000. But the tax cuts haven't been equal (or some would say fair) in that way. That $200,000 earner got a $10,000 tax cut, while the $20,000 earner only got $300.
Posted by: Ned at May 23, 2005 4:19 PMthis is all moot:
Income tax by level:
Top 1%............23.49%
Top 2-5%.........16.95%
Top 6-10%.......12.28%
Top 11-25%.......9.26%
Top 26-50%.......7.01%
Bottom 50%.......2.97%
rich paying 23+% tax and poor paying under 3% tax
more cheese with that whine?
btw, i'm in the bottom 50% income so yeah, right gg
Posted by: at October 12, 2006 2:45 PM