At conversation over dinner about tax cuts most people agreed that the high income groups are always favored by Bush (rich gets richer). Tax cuts interests anyone who gets paid but who amongst those has Bush really favored. Lets look at some facts here - post Clinton and 2005 Bush Tax cuts. As Cato puts it - "A good way to find out is to look at average tax rates over time i.e total federal income taxes divided by adjusted gross income" - the figure ( courtesy Cato) shows the comparison.
If you look at the Taxes as a percentage of income for different income groups - the top 1% pay almost 25 % for their income as taxes and the lowest income group pay around 5% of their income as taxes. Bush tax cuts have significantly impacted the top 1% but in reality it just balanced the Clinton tax raise in 2000 where as we move towards the lower income groups the difference in percentages of Bush tax cut is lower than the high income group - but that is to Balance the 2000 Clinton tax cut.
I am in for "tax-cut" - ofcourse I like to keep more of what I earn , but before we claim that tax cuts have benefitted the top 1% , lets get the facts right
