Wednesday, April 19, 2006
Oh My God, I think I may barf....
Sorry, still sputtering. No comment. Too angry. Later........
Citizens for Tax Justice:
"WASHINGTON - April 18 - On Good Friday, April 14, 2006, President Bush and Vice-President Cheney released their federal income tax returns for 2005. An analysis by Citizens for Tax Justice of the White House figures shows:
# Due to the 2001-05 Bush tax cuts, the President's 2005 income tax was reduced by $26,204.
# The President's income tax rate was 25.4 percent of his reported income. Without his tax-cut legislation, he would have paid 29.0 percent. # Vice-President Dick Cheney's 2005 income tax bill was reduced by $1,093,937 due to the Bush tax cuts. # The Vice-President's income tax rate was only 5.7 percent of his $9.1 million reported income. Without the Bush tax cuts, he would have paid 17.7 percent.
President Bush's $26,000 tax cut stemmed from both the lower regular tax rates and his reduction in the top tax rate on dividends from 39.6 percent to 15 percent.
Vice-President Cheney's $1.1 million tax cut in part reflected the lower regular tax rates and the 15 percent tax rate on capital gains and dividends. Cheney also was able to take an additional $2.5 million in itemized deductions due to a tax-law change signed by Bush in 2005, which was ostensibly designed to encourage charitable donations to the victims of Hurricane Katrina. "
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