The Voter Quoter
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Alice in Bushland: Fact and Fantasy in the Bush Administration
by Peggy Wireman, 2004 Fact Sheet: What Alice Didn’t Know about Taxes Under Bush, corporate after-tax profits have risen to an all-time high while compensation for working people has reached a 40 year low. • The thrust of President Bush’s proposals is to shift the national tax burden to those earning wages and away from people who inherit money, people who own stocks and bonds, and from corporations. • Under the current Bush tax system, a working couple with an income of $50,000 a year will pay $8,439 in taxes on that income. If they didn’t work, but instead received all their income from dividends and capital gains, their tax would be only $1,770. • If their income was only $20,000, the working couple would pay $2,073 in taxes and the non-working couple would pay $270. |