The Dusty Dog

Tricklin' On Down to Dubya's Bank

"Bush's recently passed 77 Billion tax cut for the rich will leave 68% of all households with no benefits at all," according to OpEdNews.com.

About 87 percent of the benefits of the reconciliation conference agreement would flow to the 14 percent of households with incomes above $100,000 with:

55 percent of the 87 percent of the benefits going to the 3 percent with incomes above $200,000.

22 percent of the 87 percent will go to those earning more than $1 million a year, which represent only 0.2 percent of all households.

5 percent of the benefits will go to those with incomes below $75,000, which is 75 percent of all American households.

2 percent of all benefits will go to households with incomes of less than $50,000, which is 60 percent of all households.
\In dollars terms, the average tax cut for:

The 20 percent of households in the middle of the income spectrum would be just $20.

The average tax cut for those in the top 1 percent of the income spectrum would be $14,100.

For those with incomes above $1 million, the average tax cut would be $43,000.

Now, given the state of this faltering economy, don't you just feel all tingly and warm and fuzzy knowing that dubya gave you a $20 tax break? Doesn't it just warm your heart? I bet it really warms the hearts of those who receive $43,500. That's about the entire annual salary of those who are getting the $20 bucks. The people who need the money the least will get the most, and for which this $87 billion tax break bill will have absolutely no impact on their lifestyles. Conversely, those who make the least will get the least, for which this sham of a tax break will have absolutely no impact on their lifestyles.

Trickledown economics at its finest. Its finest, of cousre, is that it's a sham and it doesn't get any better than this. Reagan invented voodoo economics and dubya is taking it to the bank. His bank.

Finally, we need to mention that 68 percent of all households would receive no benefits whatsoever from the tax-cut package.

This is Republican “trickle down” economics.

posted by Dusty Dog at 5/24/2006