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Friday, August 13, 2004

MORE OF THE SAME 

CBO Report Finds Tax Cuts Heavily Favor the Wealthy
By EDMUND L. ANDREWS
NYT, 13 August 2004

EXCERPT: Fully one-third of President Bush's tax cuts in the last three years have gone to people with the top 1 percent of income, who have earned an average of $1.2 million annually, according to a report by the nonpartisan Congressional Budget Office to be published Friday. The report calculated that households with incomes in that top 1 percent were receiving an average tax cut of $78,460 this year, while households in the middle 20 percent of earnings - averaging about $57,000 a year - were getting an average cut of only $1,090. The new estimates confirm what independent tax analysts have long said: that Mr. Bush's tax cuts have been heavily skewed to the very wealthiest taxpayers. Those are also the people, however, who pay a disproportionate share of federal income taxes. The calculations, which were requested by Congressional Democrats, are all but certain to intensify a central debate between Mr. Bush and Senator John F. Kerry, the Democratic presidential nominee. Mr. Bush has argued that the tax cuts provided crucial support to the economy at a time when it was mired in a recession and reeling from the effects of a stock market collapse, terrorist attacks and corporate scandals.
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Well, at least Bush knows how to solidify his base.

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