The lowest 20% of American taxpayers* are paying 1.5% less in federal taxes and the highest 1% are paying 6.8% less, between 2000 and current (2004) law, according to figures from a new report by the Congressional Budget Office ('Effective Federal Tax Rates Under Current Law, 2001 to 2014', CBO, August 2004, Appendix A/Table A-1, p. 17).
Disgusting, isn't it? And the CBO is not a partisan group with an axe to grind, either. Oh, yeah, I almost forgot: Happy Friday the 13th.
*This refers to the 'lowest quintile' income bracket, whose 'base-year income level' is $14,900; the highest 1% refers to those whose minimum annual income is $1,050,100; to emphasize the income gap in this country, the difference of magnitude between the highest income bracket ($1,050,100 or more) and the lowest ($14,900) is almost 70.5.
Disgusting, isn't it? And the CBO is not a partisan group with an axe to grind, either. Oh, yeah, I almost forgot: Happy Friday the 13th.
*This refers to the 'lowest quintile' income bracket, whose 'base-year income level' is $14,900; the highest 1% refers to those whose minimum annual income is $1,050,100; to emphasize the income gap in this country, the difference of magnitude between the highest income bracket ($1,050,100 or more) and the lowest ($14,900) is almost 70.5.
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