Bush's Unfair Tax Plan

© April 6, 2001
 

So what's so unfair about Bush's proposed tax cuts?

  • More than 12 million low- and moderate-income families with children will receive no tax cut under Bush's plan

  • The richest 1% of taxpayer would receive 45% of the benefits of the Bush tax plan -- those with incomes of $373,000 or more per year would receive an annual tax cut of $54,480 per year or $149 per day

  • Those with incomes between $72,000 and $373,000 would receive 26.7% of the benefits

  • Those with incomes between $44,000 and $72,000 would receive 15.7% of the benefits

  • Those with incomes between $27,000 and $44,000 would receive 8.4% of the benefits -- this middle 20% would receive an annual tax cut of $509 per year or $1.39 per day

  • Those with incomes between $15,000 and $27,000 would receive 3.5% of the benefits

  • Those with incomes below $15,000 per year would receive 0.8% of Bush's benefits -- their average benefits would amount to an annual tax cut of $45 per year or $0.12 per day

  • Only the super rich would benefit from the estate tax repeal that Bush has proposed

  • Nearly 3/4 of all families paid more in federal payroll taxes, which are not a part of Bush's tax cuts

  • More than half of African American and Hispanic children live in familes that would be excluded from the tax cut

  • Over 3/4 (79%) of Hispanic families have been left out of the Bush tax cuts, even though there are one or more workers

  • A majority (56%) of Latino children will receive no relief from Bush's tax cut -- 6.5 million Latino children will be left out

  • Less than 2% of Latino families will see any benefit from the repeal of the estate tax

  • The Bush tax cut would widen the gap between the richest Americans and the rest of us. For the richest 1% it would increase after-tax income by 6.2%. In contrast, the middle 20% of Americans would see only a 1.9% increase after taxes. And for the 20% at the bottom, the increase would only be 0.6%

Tell your Senator to vote against the Bush tax cut plan by signing the petition.