Here’s some more interesting data on the Bush tax cut plan. While I’m not ecstatic about the proliferation of tax brackets after the victory by Reagan in slashing them to just three—the new plan has six—I think that it is beneficial to families. I just wish I was married with two kids; I could save a whole lot of money.
The media likes to tell you that the richest get the biggest tax cuts, but that’s misleading. A family with two kids and making $40,000 would pay $45 in taxes. You read that right: $45! Right now, they would pay $1,178. The same family making $200,000 right now pays $35,130 in taxes and after the tax cut would still pay $32,053. That’s a decrease of $3,077, much more than the cut of $1,133 that the $40,000 family would get. But the middle-class family pays almost $0 in taxes, while the upper-class family pays almost two-thirds of the total the poorer family makes in a year.
This is why I say don’t trust the media to give you the facts. With the Internet now you too have the ability to get the facts for yourself. Do a little research and be informed.