I have read over and over about how the tax cuts only work for the rich.
So I decided to go back to the tax tables from years ago and take a look myself.
I found, according to the tax tables from the IRS, that the middle class HAS benefited from the tax cut.
Follow below the fold for some examples>>>>>
1998 Tax Table:
Income.........Married filing jointly......Single........Head of Household
20,000 3000 3000 3000
30,000 4500 8400 4500
40,000 6000 11200 11200
50,000 14000 14000 14000
60,000 16800 16800 16800
70,000 19600 21700 19600
80,000 22400 24800 22400
90,000 25200 27900 27900
100,000 28000 31000 31000
150,000 46500 54000 54000
200,000 72000 72000 72000
300,000 118800 118800 118800
2008 Tax Table:
20,000 3000 3000 3000
30,000 4500 4500 4500
40,000 6000 10000 6000
50,000 7500 12500 12500
60,000 9000 15000 15000
70,000 17500 17500 17500
80,000 20000 22400 20000
90,000 22500 25200 22500
100,000 25000 28000 25000
150,000 42000 42000 42000
200,000 66000 66000 66000
300,00 99000 99000 99000
So your tax bill for 2008, if you made 60,000 per year would be 53% smaller than it would have been in 1998. A savings of 7800 in your pocket!
A person making 100,000 per year would save 9% on their tax bill, paying 3000 dollars less.
A person making 300,000 per year would save 8% on their tax bill, paying 19800 less per year. The 300K couple pays in 90,000 dollars more per year in federal taxes than the 60K couple does.
So the married couple making 60K per year saves 53% and the married couple making 300K per year saves 8%.
Now some may look at this and say well the 300K couple is saving more dollars in taxes.
What is not being taken into account is
The 300K couple makes 5 times more than the 60K couple but pays in 10 times more in federal taxes
So how can anyone say that the tax cuts are only for the "rich".
This is simply false based on the tax tables!
Here is the link in case you want to check this out yourself based on your own family income and circumstances:
http://www.taxfoundation.org/...