http://www.cbsnews.com/stories/2004/08/16/politics/printable636398.shtmlStudy: Bush Tax Cuts Favor Wealthy
WASHINGTON, Aug. 13, 2004
President Bush's tax cuts since 2001 have shifted more of the tax burden from the nation's rich to middle-class families, according to a study released Friday by the Congressional Budget Office.
The tax rate declined across all income levels — but more so in the top brackets, the report said.
The study found that the effective tax rate for the top 1 percent of taxpayers dropped from 33 percent in 2001 to 26.7 percent this year, a decline of 19 percent. The middle 20 percent of taxpayers saw a decline of 4 percent.
The study, requested by congressional Democrats in May, quickly provided fodder for the presidential campaign over the fairness of more than $1 trillion in tax cuts Mr. Bush has pushed through Congress since taking office.
"Over the last four years, the burden of taxes has shifted from the wealthy to the middle class," Democratic presidential nominee John Kerry said at a campaign event in Springfield, Oregon. "The middle class is paying more taxes."
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