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In three years, President Bush has overseen three rounds
of major tax cuts, which included special tax breaks for capital
gains, dividends, reduction of personal income tax, repeal of
the estate tax and a host of corporate tax loopholes.
How did Bush's tax cuts effect Pennsylvanians? The cuts, so far, heavily favor wealthy taxpayers. These cuts will be more regressive as time passes. In 2003, the top 1% incomes of $800,000 or more received 27% of the tax cuts. That equals about $49,000 on average. In 2006, the top 1% will get 36% of the cut. The less fortunate, 60 percent of Pennsylvanians with incomes of $23,000 or less, receive 15% of the cut for 2003. The poorest wage earners, approximately 20%, with an income of $10,000, get only 1%. The average tax cut for the middle 20% for 2003, is $869. In 2006, that falls to $565. What about the federal debt racing out of control? This will fall on the backs of all Pennsylvanians, except the top income levels! At the end of 2006, taxpayers will receive $44 billion in tax cuts, but $160 billion will be added to the federal debt. To Pennsylvanians, it means a $9,000 added burden for each resident. Busn says his tax cuts, on average, is $1,126. This is deceiving. In 2003, one half of Pennsylvanians got less than than $100. In 2006, 86% of all Pennsylvanians will get less than $100. Some tax cut! You are welcome to use or republish
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