Monday, February 21, 2005

The Lucky 1%

Since I'm no tax expert, hearing about the so-called Bush tax cuts was confusing. But thankfully, the NYT (Your Taxes 2/13/05) does a good job clarifying a few points:

"People in the bottom 99 poercent of the income charts will get a tax cut smaller than their share of income from 2001 to 2015. The top one-tenth of 1 percent of Americans will get tax cuts that are about twice their share of national income. In this group are 290,000 men, women and children whose annual incomes are greater than $1.6 million. More than a quarter of all the Bush tax cuts will go to the top one-half of 1 percent--the 1.4 million Americans with incomes of $581,000 or more. These figures come from a widely respected computer model devloped by the Tax Policy Center in Washington."

So if you're part of that top 1%, lucky you. For the rest of us, better luck next time.

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