Friday, January 17, 2003
Explain the chart: There's been a lot of discussion about the latest Bush tax cut plan and whether it's wise to give so much back to "the rich."
But a chart on Page 35 of this week's Time magazine has me confused about the less-talked about Democratic plan.
Entitled "For Richer or Poorer," the chart compares the "estimated average tax savings under each proposal" for various income levels.
If the chart is accurate -- and I've no reason to believe it isn't -- then the Democratic plan is merely a transfer of funds from the rich to the poor and not really a tax cut at all.
According to the chart, people with an adjusted gross income of "Less than $10,000" would get a tax break of $5 under the Bush plan. It's next to nothing -- but realize that these people don't pay any federal taxes anyway with a gross income that low. Under the Democrats' plan, that same income group would "save" an average of $234.
How exactly does that work?
Also, looking at that same chart, I'm happy that apparently I classify as "rich" to Democrats -- since I would save more under Bush's plan than theirs -- and I'm a journalist! A profession whose low wages are rivaled only by those of social workers.