What was the tax cut for Family making under 40,000 a year, and for one making over 1,000,000?

Question

As always sources appreciated.

ANYONE GOING TO BOTHER WITH A CREDIBLE SOURCE?

Answer 1

90% for the poorer one.

A family of four making $40,000 pays almost no income tax THANKS TO BUSH. He cares about the poor!

3% for the richer one.

Answer 2

Effects of the Bush Tax Cuts enacted through 2006 by Income Group (calendar years)

This model is used to project the effect for 2007 returns which are illustrated below.

Lowest 20% –1.1%
Second 20% –6.3%
Middle 20% –10.5%
Fourth 20% –16.3%
Next 15% –18.5%
Next 4% –6.9%
Top 1% –40.3%

Answer 3

I can tell you what I pay in Federal taxes. I make somewhere in the neighborhood of 45-50K and I pay about 600-800 a year in Fed Taxes. That's excluding SS and Medicare. Those two take a whole lot more.

Thanks to Bush I have more to keep and use on my family. I can tell you that if everyone else is in the same bracket, the government isn't bringing in their revenue through the lower income types... Like me.

Answer 4

My family is working class, we make under 40,000 and never received a tax cut. It really shows the fiscal irresponsibility of Bush and his policies. A true fiscal conservative would never do that.

Answer 5

I read something like $40 for the one, and $40,000 for the other. These may not be the exact figures but that the gist of it.

Answer 6

The family with less income was paying far less taxes to begin with, so the dollar amount of reduction will be less. However, wealthy Americans pay a huge percentage of our nations taxes (over 70% of total receipts I've read), so therefore their dollar reduction will be more, but they will still pay a higher percentage. The myth that rich people in this country pay no taxes or hide it with shelters is just a myth. Sooner or later the tax man gets you, no matter how clever the accountant is.