Month: April 2006

April 18, 2006 03:49 PM | Permalink |

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.

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April 5, 2006 03:51 PM | Permalink |

A new analysis of IRS income tax data for 2003 shows that the tax cuts for capital gains and dividends enacted that year almost doubled the size of the Bush income tax cuts enacted in 2001-03 for the wealthiest Americans.

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April 4, 2006 02:14 PM | Permalink |

Congressional leaders are once again pushing for permanent repeal of the federal estate tax. This clamor for immediate action is odd enough given that the currently scheduled estate tax phase-out won’t revert back to prior law until 2011. But newly released IRS data on estate tax returns filed in 2004 make it even clearer that Congressional tax writers are seeking to enrich a small group of the very wealthiest Americans at the expense of everyone else. Here is a quick overview of the new IRS data.

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