Incite -- (v) 1: give an incentive; 2: provoke or stir up; "incite a riot"; 3: urge on; cause to act |
Friday, August 13, 2004
Written by: BeckHow's that for a controversial assertion? I'm on a mailing list from the senate's Joint Economic Committee, and today they have a doozy. At some point, I'm probably going to have to start paying those guys royalties, I reprint so much of their info. Anyway... (emphasis added by me) A new Congressional Budget Office (CBO) report produced at the request of Congressional Democrats confirms that tax cuts since 2001 increased the share of federal income taxes paid by the highest earners while decreasing the tax share of lower- and middle-income groups. The CBO analysis, Effective Tax Rates Under Current Law, 2001 to 2014, shows that the income tax remains highly progressive, with the top 5 percent of earners paying more than half of all federal income taxes.Now, this is not to say that the average amount paid by the wealthiest segment of the population didn't decrease by more than the amount paid by the average middle- or lower-class household. What this is says is that the percentage of the tax burden shouldered by the wealthiest actually increased as a result of the tax cuts made since 2001. For more on the tax cut benefit/overall tax burden issue, Wizbang has done some research of their own, showing precisely the same effect. I hope my reporting of this story from the JEC and the CBO meets with your approval, as I can assure you, you're not going to hear about it from any established media outlets. I mean, can you imagine the NYT running anything like the title of this post as a headline?
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