From the Center on Budget and Policy Priorities:
Tax policy should lean against the rising tide of income inequality, not exacerbate it. During the first three decades after World War II, economic growth was robust and widely shared: economy-wide productivity improvements were accompanied by significant increases in the living standards of most Americans. In recent decades, by contrast, the benefits of economic growth have not been widely shared. CBO data show that between 1979 and 2007, the average after-tax income of the top 1 percent of Americans grew by 281 percent, after adjusting for inflation, compared to just 25 percent for the middle 20 percent of Americans, and 16 percent for the poorest fifth of the population.
The tax cuts enacted in 2001 and 2003 provided the largest benefit to the highest-income households and widened these yawning income disparities. Under these tax cuts, households with incomes over $1 million stand to receive an average tax cut of $130,000 in 2012, according to the Tax Policy Center, equivalent to an increase of 6.3 percent in their after-tax income. Meanwhile, households in the middle of the income spectrum will receive tax cuts that equal 2.3 percent of their income. Households in the bottom quintile will receive an average increase in income of less than 1 percent.  (See Figure 3.)
Summary: after tax incomes from Bush’s tax cuts:
- Households > $1 million: increase of 6.3%
- Households in middle income: increase of 2.3%
- Households in bottom quintile: increase of < 1%
The GOP has been actively engaged in bottom-to-top income redistribution. And because of God, guns, and gays, the fundamentalist teabaggers will vote for it — despite their own precarious financial situation.
Want it to stop? Vote next time.
Member this the next time someone complains about the poor paying no income taxes: they have so little income to pay from that it only makes sense.