Consider that since 1962, federal revenue from progressive taxes (in which higher income people pay a higher tax percentage than lower income) dropped by 17%. Federal income from regressive taxes (which place a higher burden on those with lower income) increased by 135%. Since 1980, taxes on inheritance and investment have dropped by 31% while taxes on income derived from work have increased by 25%. Between 2000 and 2003, corporations (the institutions that perpetuate and insulate the plutocracy) saw their contribution to federal revenue through taxes fall by 36%. Bush's corporate tax cuts of 2002 and 2003 made this corporate wet dream possible. His individual tax cuts between 2002 and 2004 were a propaganda ploy to buy votes and ensure that the financial oligarchy retained a strangle-hold on the US government. Average working Americans received rebate checks of $400.00. $600 billion dollars in tax cuts went to those earning more than $288,000 per year. To ice the cake, the wealthiest 1% of Americans received $197 billion dollars in additional tax breaks. That means that each of those lucky plutocrats enjoyed a staggering $56.3 million in tax relief, but don't worry. In theory, they put that money back into the economy and it will "trickle down" to the rest of us. I have not been trickled upon yet. Have you?
2007-05-05
07:52:00
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7 answers
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asked by
somber
3
in
Politics