Wehrwolfen
Senior Member
- May 22, 2012
- 2,750
- 340
- 48
Rich Paid More Revenue Under Bush Tax Cuts
by Tony Lee
2 Dec 2012
While progressives attack the Bush tax cuts and President Barack Obama wants to let them expire for families making over $250,000, figures released by the IRS show the wealthiest 1% actually paid more in taxes after the Bush tax cuts were passed, and the bottom half of taxpayers actually paid less in income taxes.
According to IRS data, the richest 1% paid $84 billion more in taxes in 2007 than they had in 2000, a 23% increase. In addition, their share of the overall income tax burden grew, climbing from 37% in 2000 to 40% in 2007. All this occurred even though their rates went down.
Read more:
Rich Paid More Revenue Under Bush Tax Cuts