Fully one-third of President Bush's tax cuts in the last three years have gone to people with the top 1 percent of income, who have earned an average of $1.2 million annually, according to a report by the nonpartisan Congressional Budget Office to be published Friday.
The report calculated that households with incomes in that top 1 percent were receiving an average tax cut of $78,460 this year, while households in the middle 20 percent of earnings - averaging about $57,000 a year - were getting an average cut of only $1,090. From the New York Times.
Fortunately, those 1-percenters are to loyalty as Bush is to erudition. IOW, they'll show faint allegiance to the guy, despite the first-term windfall he gave them, because there's no room left in the budget to give them more. I'm sure Rove is kicking himself for not having made it a smaller cut, so they could promise to dole out some more in a second term.
Posted by Vernam at August 13, 2004 07:09 AM | TrackBack