Why did bush,s tax plan only favor the wealthiest? Yet many defend it?

Question

Distribution of Tax-Cut Benefits

The benefits that the tax cuts provide to different groups vary dramatically. New data from the Tax Policy Center show the effects in 2004 of the tax cuts that have already been enacted, including the corporate and estate tax cuts, as well as the individual income tax cuts. The Tax Policy Center data show that the combined effect of the tax cuts in 2004 is as follows:

The one-fifth of households in the middle of the income spectrum will receive an average tax cut of $647.
The top one percent of households will receive tax cuts averaging almost $35,000 — or 54 times as much as that received on average by those in the middle of the income spectrum.
Households with incomes above $1 million will receive tax cuts averaging about $123,600. The tax cuts for millionaires will cause their after-tax income to jump by 6.4 percent, nearly three times the percentage increase received by the middle fifth.
The overall shares of the tax cuts that are going to different households also are illuminating. The Tax Policy Center data show that:

In 2004, the middle 20 percent of households will receive 8.9 percent of the tax cuts.
By contrast, millionaires — totaling just 0.2 percent of U.S. households — will receive 15.3 percent of the tax cuts.[3] In other words, the small handful of millionaires will receive total tax cuts far larger than those received by the entire middle 20 percent of households.
The tax cuts will confer more than $30 billion on the nation’s 257,000 millionaires in 2004 alone.
Over the ten-year period, the richest Americans—the best-off one percent—are slated to receive tax cuts totaling almost half a trillion dollars. The $477 billion in tax breaks the Bush administration has targeted to this elite group will average $342,000 each over the decade.
By 2010, when (and if) the Bush tax reductions are fully in place, an astonishing 52 percent of the total tax cuts will go to the richest one percent—whose average 2010 income will be $1.5 million. Their tax-cut windfall in that year alone will average $85,000 each. Put another way, of the estimated $234 billion in tax cuts scheduled for the year 2010, $121 billion will go just 1.4 million taxpayers.
Although the rich have already received a hefty down payment on their Bush tax cuts—averaging just under $12,000 each this year—80 percent of their windfall is scheduled to come from tax changes that won’t take effect until after this year, mostly from items that phase in after 2005.

In contrast, the vast majority of taxpayers have already received most of their tax cuts from the 2001 legislation.

For the four out of five families and individuals making less than $73,000 this year, three-quarters of the tax cuts—averaging about $350 this year—are already in place.
Tax cuts for the 19 percent of taxpayers making between $73,000 and $356,000 this year will grow a little over the next four years as the cuts in the upper tax rates continue to kick in, but then will dwindle thereafter. By 2010, the tax cuts for this group will be no bigger as a share of income than they are

Answer 1

because hes a republian, thats who they take care of.

Answer 2

Why did Bush's tax plan only favor the wealthiest? Because that was its designed purpose. Giving the middle and working classes a token refund (while stealthily skyrocketing the prices of their essentials through deregulation) was the wrapping paper. Big breaks for the billionaires was the diamond ring inside, the one we paid for but never got to see.

Slaying the death tax, but only for those who leave behind $675,000 in assets after all deductibles... who does that benefit? No one who has me on their Christmas list, I assure you. Repeal of the dividend tax, which truly only benefits the top two percent bracket at best... these two wet dreams for elitists alone lose a half-trillion dollars a year or more in federal revenue. Who do you think makes up for all that lost revenue? The Keebler Elves? I know you're on my side on this one, which brings us to the second part of your question.

Why do so many people defend it? That's the trillion dollar question. Sure, we can all see why the filthy rich defend it. And the media, which is nearly all owned by billionaires. But why do John and Jane Q. Public defend it? Especially when it's robbing them blind and ensuring lives of relative poverty for all their offspring, for all eternity if Mr. Bush and Mr. Cheney have their ways, which is the permanent repeal of these taxes and many more that only benefit the filthy rich. And what benefits them robs us all blind.

Twenty-six years later and I'm still waiting for that first trickle-down dime. The flaw in Mr. Reagan's trickle-down theory is that megabucks for the wealthy do not trickle down. The rich build dams around every cent to make sure of that. And Mr. Reagan and both of the Bushes were fully aware of that when they lied to the American public when they initiated it.

And it's all been hogwash ever since.

I will never, ever understand why a single person who isn't at least a multimillionaire would ever, ever vote for a republican. It's like Gandhi applying for a job at Lockheed-Martin.

I already know what the liars will say. They'll say we have more and we're better off than we were under Bill Clinton, which we all know is a bare-faced lie. They'll say if you have an income of a billion a year you're paying forty-percent in taxes. That might be true, but only on paper. In reality, when you have that kind of money, your taxes are often abated or amended, which means the public is ultimately paying for them. And not just on paper. With food that was stolen right out of your babies' mouths.

Answer 3

you put a lot of #'s in your question EXCEPT the most important, the tax RATES being paid by the "upper" percentiles compared to the "lowest" tax rates.

someone who gets these WHOPPING benefits are paying almost 50% of their GROSS income. You conveniently left this fact out.

The cuts were ACROSS THE BOARD and those paying least got the least cut. Those paying MOST in taxes got bigger cuts due to the LARGER AMOUNT PAID IN TAXES,

Your argument is typical of liberal "class warfare" used prior to elections. The majority of taxpayers put this money BACK INTO our economy which is why we did NOT have a major recession after 9/11. All leading indicators are still UP and unemployment numbers are where they were when Slick Willie left office.

Tax cuts have ALWAYS benefited the economies the money was put back into. Read Bastiat for a primer on taxes and economies...

Answer 4

It's completely fair. Everybody saves based on percentage, not a fixed amount.

You're blinded by all the blood trickling from your bleeding heart. If you make more money, you get more back. It's simply logic and arithmetic.

If I pay $1000 in taxes and some rich guys pays $10000000, I don't feel bad that he gets more back than me. Don't hate Bush just because you love communism where everyone wears a gray smock & slippers and works at the broom factory & make the same amount of money. Some make more than others. It's a fact of life. It only stands to reason that they'll get more back if there are tax cuts.

Why are you so bent on punishing those who worked hard to get what they have and have succeeded in life? Could it be jealousy?

Answer 5

It's called math, perhaps you've heard of it? If a rich man pays $1,000,000 in taxes, and gets a 1% cut, that is a savings of $10,000. If a middle income man pays $10,000 in taxes, and gets a 1% tax cut, that is a savings of $100. So both get the same cut, but the rich saves more, because he pays more. What do they teach in public schools these days?????

Answer 6

The wealthiest also contribute the most tax to the system as well and typically take the most risk with their capital. Therefore, they should get rewarded for taking the risk and receive a tax break.

Answer 7

Remember, George W. is the amiable marionette of daddy's moneyed supporters. It's why he was put into the job.
He's not evil, actually nice according to those close; however, he knows nothing of the real world below his level and can only follow his advisors.
His own instincts may come into play, but not too often.

Answer 8

A lot of people who voted for him bought the explanation he gave. Some people hear tax cut and just tune out the rest. Some people think that they are farther up the scale than they are or hope that they will be farther up the scale one day and are looking out for (what they think are) their interests.

Answer 9

How can u be so stupid. Don't democrats have the ability to read nd look at facts. Or do you just listen to the ultra rich like the Kenndey's, Kerry's, and Americas most dysfunctionl family the Clintstones.

Jesus you people are stupid. Please, all of you move to France.

Answer 10

Im not rich and Im very happy with our past year deductions...It was our biggest savings ever. Republicans dont favor only the rich, they favor people who work and pay taxes period!