Per GB's page on tax relief
"...Under Governor Bush’s tax plan,
the largest percentage reductions
will go to the lowest-income earners..."
Question though, how many dollars do
the "lower" percentage breaks do the
upper income people translate into?
Moreover, why doesn't he put forth
those number for comparison?
The top rate goes from 39.6% to 33%
georgewbush.com
Raise the threshold for phase out of child
tax-credit from 110,000 to 200,000
Eliminate inheritance aka "death" taxes
=======================================
How much a family of 4 making 200,000
in "taxable" adjusted income get back?
36% to 33% rate break, 72,000- 66,000
plus 2,000 dollar child break
Not accounting for marriage break = $8,000
How much does a family of 4 making 400,000 get back?
39.6% to 33% rate break
$158,400- $132,000 =$26,000
(not accounting for marriage break,
not exactly sure how that would impact-
any accountants out there?)
Now per Bush's figures again
$35,000 = $1,500 reduction
$50,000 = $2,000 reduction
$75,000= $2,500 reduction
From prior post
Of the $142 billion surplus projected by
the end of 2000, $137 billion will come
from excess Social Security taxes.
Meaning that surplus isn't from corporate or
income taxes, it is from flat SS taxes (approx 7%)
capped at $75,000
So everyone paying $75,000 and under is
getting $2,500 hundred of their SS taxes back
in the form of income tax relief.
Someone making 75,000 at .07 SS = $5250 SS Tax
Someone making 400,000 at .07 SS = $5250 SS Tax
So the vast majority of the "surplus"
in dollars (not percentages) from social
security taxes capped at $75,000 is
being used to give income tax relief
to people whose income isn't even subjected
to Social Security tax that supplies
the surplus.
Geeze Dubya lovers figures sure can be deceiving.
What a nice little con game.
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