We know Bush’s tax cuts for the wealthy are bad—a $70 billion tax cut for the rich this year alone.How does Michigan fare? [pdf file]
Now, Citizens for Tax Justice (CTJ) has released a state-by-state breakdown that shows the combination of special tax breaks for capital gains and dividends, reductions in personal income tax rates, estate tax cuts and an array of corporate tax loopholes and summarizes their effects on state residents at different income levels.
CTJ notes two key findings:
First, the tax breaks enacted since 2001 are heavily skewed toward the very wealthiest few. Second, because the tax cuts are being paid for with borrowed money, the cost of paying the added national debt more than wipes out any benefits from the tax cuts for 99 percent of residents in each state. Only the best-off one percent are net winners from the President’s fiscal policies. [emphasis added]
Over the 2001-2010 period, the wealthiest one percent of Michiganders, who have an average income of $891,400 in 2006, will receive 29.6 percent of the tax cuts.Unless you're in that top one percent, don't spend your tax cut cause there's more bad news:
The total 10-year average tax cut for this wealthiest group is $364,853, an average of $36,485 per year.
In contrast, the poorest 60 percent will get only 19.5 percent of the tax cuts, with an average annual tax cut over the 10 years of only $405.
For 99 percent of Michiganders, the Bush tax cuts are much smaller than the share of the increased national debt they’ll have to pay off. Only the wealthiest one percent are net winners. [emphasis added]Click here to see how your state fared and then share CTJ’s report with as many voters as you can reach. Citizens need to know the truth about those tax cuts and vote accordingly. A vote for the Republican Party and those people who support Bush's policies (here in Michigan that means DeVos) is a vote against your own self-interest.
For the wealthiest one percent of Michigan residents, the tax cuts they’ve received from 2001 through 2006 outweigh their share of the added debt accumulated over the past six years by an average of $21,253 per family member. They have received an average tax cut of $61,932 per family member, which exceeds their added debt burden of $40,679 per person by $21,253.
But for the other 99 percent of Michigan residents, their share of the added debt accumulated from 2001 through 2006 outweighs their tax cuts by an average of $7,153 per person. [emphasis added] They have received an average tax break of $2,597 per person over the six year period, but their added debt burden averages $9,749 per person.
Follow this link to get the answer to another question: George Bush- Financial Genius or Classic Dunderhead?
Still think Bush is an economic savant? Try reading this: Bushonomics: Deficit City
Finally, if economics leaves you as confused and befuddled as GWB, let the Mayor of Simpleton simplify it for you. (Scroll halfway down and read The Waitress and the Lawyer A One-Act Play.)