FOR IMMEDIATE RELEASE
Tax Cuts Fail To Help The Rich
6/10/04 -- President Bush stands a good chance of being reelected despite the current turmoil in Iraq because the majority of rich Americans believe that their taxes have been reduced by the Republicans.
The prospects for Kerry and the other Democratic candidates being elected would be dismal except for one fact: taxes on most of the Rich have not gone down.
An analysis of the tax-cut movement initiated by President Reagan and continued by President Bush reveals several startling facts about the richest one-quarter of the population. Though it seems counterintuitive, during the period between 1976 and 2000:
• The income taxes paid by Americans earning between $50 thousand and $500 thousand increased by about 3 percent, while the taxes on those making $1 million-plus decreased by 31 percent.
• The $50 thousand to $500 thousand group paid $14 billion more in taxes than they would have paid under the 1976 rates, while the $1 million-plus group paid $102 billion less than they would have under the 1976 rates.
• In 1976, the Rich had an after-tax income that was twice the national average, while the Superrich had an after-tax income that was 11 times the national average. By 2000, the Rich were still getting twice the national average, but the Superrich were getting 59 times the national average.
• The after-tax income of the $50 thousand to $500 thousand group increased by only 28 percent, while the after-tax income of the $1 million-plus group increased by 591 percent.
The above figures get even bleaker when the effects of the 2001 and 2003 tax legislation are considered.
Tragically, most rich Americans have been conned into supporting legislation that ended up increasing their tax burden while shifting the bulk of the nation’s economic progress to the tiny group of individuals who need it the least. With clear and convincing evidence, Stephen Rodnesky explains what has occurred in a
non-technical, thought-provoking new book titled Conning the Rich: The Great American Fraud.
Review copies are available.
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