It seems the New York Times is not very good at math (which may be a good thing since math is racist), but pretty good at promoting Democratic political spin.
The paper of record discovered a shocking fact when evaluating IRS data – when taxes are cut rich people get more money.
Here’s another shocker from the Times "study" – people with annual incomes over $1 million tend to have investments and benefit from tax cuts on investments.
This study was reported on by CNN as big news "Study: Bush tax cuts making rich richer." Yeah, and? Bush tax cuts are also making the poor richer. I speak from experience.
The Times seems to do one of these studies every time a tax cut becomes law and every time they breathlessly report that the cut "makes the rich richer," "benefits the rich," "heavily favors the wealthy," etc.
Here’s the problem – for the calendar year 2003, the share of total income taxes paid by the top 1% of wage earners actually rose from 33.71% to 34.27%. Even though they got more in actual dollars in tax cuts, they paid more when you evaluate the percentages.
The top 1% are not multimillionaires, they are individuals are couples filing jointly who make above $295,495. Now, for me, that is a lot of money, but not what people think of when you NYT talks about "the rich."
The bottom 50% of American taxpayers, myself included, pay only 3.46% of all the income taxes paid (down from 3.5% in 2002). So the top 1% pay close to ten percent more in taxes than the bottom half.
Not much can be done to cut the amount of money the bottom half pay – we don’t pay much to start with. I know personally, I get all my money back from the government plus some.
But when you give some one making millions of dollars a small percentage tax cut, the raw numbers look skewed way in favor of the rich. There is no way I can get a tax cut of $500,000 because I don’t make that much to start with. But I pay a gigantic amount less in taxes that the millionaire does.
The millionaire pays more in actual dollars, he gets back more in actual dollars. Why is that so hard to understand?
The NY Times and CNN purposely mislead readers to further enforce the notion that Republicans and President Bush are for the rich and don’t care about the middle and lower classes.
While he may be a biased source, Rush Limbaugh has an excellent section on this. All of his numbers and stats come from the most recent IRS numbers. His charts show graphically the difference in taxes paid.