September 05, 2004

The Big Rich

A very short while ago, I wondered if the president was advocating tax dodging, or at least suggesting that it was an immutable fact of life which couldn't be changed by mere politicians like himself. For once the administration's words and actions seem to bear a resemblance. An AP article out today discusses the release of John Edwards' tax returns, noting that he and his wife made almost $39 million between 1994 and 2003. But then it did some comparison shopping, finally giving readers some context, that is, if the local paper printed the full version:

...The couple paid 34.8 percent of their income in federal taxes during the 10-year span, $13.2 million.

...The president last year reported $822,000 in income last year and he paid 28 percent of that in federal income taxes. The Cheneys reported $1.3 million in income last year and paid 20 percent in federal income taxes. ...

The 2003 rate schedule pretty much cuts off at around $300k in taxable income. That's the top bracket, the big 35 percent. Edwards, apparently not having gotten the hang of being rich, paid very close to 35% of his income in taxes. The president found a way to slice 7 percent off that, and Cheney paid a whopping 15 percent less in taxes than his income bracket would generally indicate that he should pay.

President Bush on July 14th in Fond Du Lac, Wisconsin:

...That's not the way it works in the tax code. The big rich dodge taxes, anyway. ...

Finally, something about which even George W. Bush will tell the whole, unvarnished truth.

Posted by natasha at September 5, 2004 12:41 AM | Elections | Technorati links |
Comments

When Bush said that the rich find ways around taxes, I couldn't decide whether the comment was arrogant or stupid. If the wealthy are going to protect their wealth under any circumstances, why make it easier for them?

After all, when they have to work at getting their tax deductions, they provide jobs for people. They hire tax lawyers and tax accountants who hire secretaries, legal assistants, file clerks.

Now there's trickle down!

Posted by: Silent Generation at September 5, 2004 08:03 AM