Bush/Cheney 1040's prove Rich NOT overtaxed

The boys did good for themselves with the tax cuts

Published on April 16, 2005 By COL Gene In Politics

The 1040's for Bush and Cheney are on the web. Here are the results from their tax returns:

In 2004 Bush had taxable income Line 35 of $784, 219 and paid 26.4% in Federal Income tax. In 2001 Bush before his tax cuts he had taxable income of $811,100 and paid 30.8 % in Federal Income taxes.

The Big winner is Cheney. In 2004, he had taxable income of $1,734,373 and paid 21.3% in Federal Income taxes. In 2001 Cheney had taxable income of $4,356,635 and paid 38% in Federal Income Taxes.

The more you make the less you pay after the Bush tax cuts. The President is in the top 3% and Cheney the top 1% of wage earners . ANYONE THAT BELIEVES THAT PAYING 21% OR 26 % IS TOO HIGH FOR PEOPLE MAKING THIS AMOUNT OF INCOME, HAS LOST THEIR MIND! SO MUCH FOR THE CLAIM THE RICH ARE OVERTXED!

Comments (Page 4)

ParaTed2k

on Apr 18, 2005

ParaTed2K Yes to your question. I believe in a progressive tax system

I know you believe in a "progressive" tax system, but can you put your money where your rhetoric is? I didn't ask if you think you should be paying more than someone who makes less in "taxable" income, I asked if you think you should be paying more in taxes than people who make less than you!

Do you accept tax deductions or tax credits? Do you include any "non-taxable" income when you figure out your income for the year? If you made (let's say) $120,000 last year, did you pay "progressive" taxes on the whole amount, or did you figure out what deductions and credits you qualified for and use them to reduce your "taxable" income (and tax bill)?

If you did, how are you any better than the "rich" person who does the same thing?

ParaTed2k

on Apr 18, 2005

ANYONE THAT BELIEVES THAT PAYING 21% OR 26 % IS TOO HIGH FOR PEOPLE MAKING THIS AMOUNT OF INCOME, HAS LOST THEIR MIND! SO MUCH FOR THE CLAIM THE RICH ARE OVERTXED!

Anyone who believes that the government is entitled to more of a person's money, just because they make more, is a hate-filled bigot who has lost all ability for rational thought!! Since when should it cost more to stay out of prison, just because you make more?

COL Gene

on Apr 18, 2005

I took the same deductions as Bush local property taxes, contributions and the interest on my mortgage. The issue is the reduction in the tax rates on the top two income brackets, the reductioin in the dividend and capital gains rates. These are the items that ONLY impact the top income Amerrican. In the future the Federal Estate Tax which only impacts the Super Rich because if the deductions which further add to the deficit. If Bush had followed the advise of his Sec of the Treasury and the Fed Chairman, the tax cuts would have been tied to available surplus. If the surplus ended ( as they have) the tax cuts ended. Bush was warned by both these men NOT TO RETURN TO ANNUAL BUDGET DEFICITS!

bakerstreet

on Apr 18, 2005

Divident and capital gains taxes reward people who invest their money, who invigorate the economy. You'd prefer they just move it all to banks outside the US and draw interest that benefits no one but the owner?

You act like the wealthy are going to pay all these taxes you intend to put back. They won't. They'll just adjust and shelter it in some other way. If we are going to reward people, it should be for being active participants in the economy, not for shoving it in their mattress.

And the federal estate tax does NOT just effect the "super rich" as you well know. Just because a business or property is worth $3 million doesn't mean the people who own/inherit it have $1.5 million in cash to pay the taxes.

That's just extortion, making you buy your own property at a 50% off sale.

ParaTed2k

on Apr 18, 2005

No, the issue is, why do you hypocritically take those deductions, yet resent others doing the same thing?

Nothing but class warfare bigotry, jealousy and stupidity!! I have yet to hear a class warfare argument that wasn't though, mindlessness finger pointing is all it is (and apparently all you have).

ParaTed2k

on Apr 18, 2005

And the federal estate tax does NOT just effect the "super rich" as you well know. Just because a business or property is worth $3 million doesn't mean the people who own/inherit it have $1.5 million in cash to pay the taxes.

ColGene, I guess to you all those farmers who have millions in assets (mostly in land), but make less than you do are now "super rich" in your eyes. When they have to sell the farm to cover your precious "estate taxes", just because they're parents died and so thoughtlessly passed the farm on to the kids, I'm sure they are really feeling the love.

Just another example of your own ignorance.

COL Gene

on Apr 18, 2005

This is not class warfare. We as a country are paying for only 3/4 of what we are spending to maintain our society. It is like a family that spends $2,400 per month to live with income of $1,800. They charge $600 per month on their credit card and soon they can not pay the minimum on the card. The cumulative balance on the card becomes unmanageable as does the interest due on that balance. If the family can cut lets say $100 per month they must get a part time job to make the other $500. That is where we are. After we cut what we can, the balance MUST come from more income which for the Government is taxes. If the added taxes come from the low and middle income workers, the spending will decline and that will lower GDP. If the added income comes from the wealthy, there is a lower impact on spending (demand). In addition, the ability of the low and middle income to pay higher taxes and live is very different from the upper income workers who can pay the higher taxes without impactuing their ability to meet their bills. That is the truth and until we act in a responsible way and pay for 100% of our needs from current tax revenue, we are moving this country into a future disaster! After we have balanced the budget we must then begin repaying the trillions of debt on the books!

Draginol

on Apr 18, 2005

What is this "we" business Col Gene? The reality is that the top 5% are paying for over half the taxes already while roughly 40% of the adult population gets by without contributing anything while consuming more than their fair share.

And your answer to this? Make the top 5% pay even more.

COL Gene

on Apr 18, 2005

The budget is not balanced. Cuts alone will not produce a savings of $675 billion. Therefore tax revenue MUST make up the difference. It does not matter if the top 5% are paying half. That does not balance the budget. I have explained why it is better for the economy to restore the tax rates to pre 2000 levels on the top 5% rather on the middle class or the poor. Just like what the Sec of the Treas and Fed Chairman told Bush- make the tax cuts dependent on available surplus and since we have no surplus we must rescind the tax cuts. the entire argument used by Bush in 2000 and 2001 was that we had overtax the American people and that we had a return is huge $5.7 trillion projected surplus. Since there was no surplus, except in Bush's mind, there should be no tax cuts.

Draginol

on Apr 18, 2005

You saying over and over that cuts alone won't produce the savings needed doesn't make it so.

No one is going to agree to trying to balance the budget in a single year. You simply reduce the rate of increase in spending for a few years and voila.

bakerstreet

on Apr 18, 2005

Col Gene must think that the lowest income people will rise up and invest their widow's mite when the wealthy shove their money away from Lib's grubby little fingers.

That's the way to spur an economy, punish the people whose money keep it floating.

dabe

on Apr 18, 2005

Dabe: As has been shown elsewhere, the deficits we currently have are not because of the tax cuts.

Oh, then I guess it's because of the war? Hmmmmmmmm......... distinction without a difference.

Besides, it doesn't really matter. We're running up the deficit, and that's the bottom line. The tax cuts, which were supposedly to stimulate the economy, clearly isn't working. Gee, no surprise there. But, given that we are running up the deficits, seems to me that it makes no freakin sense to keep cutting taxes. What a model our government portrays for fiscal irresponsibility....... as our bills get bigger and bigger, gee, let's just lower our income. Now, that makes a ton of sense. NOT

bakerstreet

on Apr 18, 2005

Dabe, come on. If this situation were completely reversed and the Dems were screaming for tax cuts, you'd be right here echoing them. Don't pretend that you have the least bit of interest in the economy, it's demeaning to you.

Just say "Bush is an asshole" or something, like usual. Pretending you're more than you are just highlights the facade...

dabe

on Apr 18, 2005

Bakerstreet, you are so wrong. For one thing, the dems would be far less likely to be screaming for tax cuts during a war and/or mounting deficits. And, other dems would keep them in check. It's a philosophical thing. But, with this one party system of gimmee repulsicans, it's just the most self-serving, selfish administation in our lifetimes, supported by the gimmee-est bunch of jingos I've ever seen in one "place".

And, just to make you happy...............

Bush is a f*kking asshole

Lee1776

on Apr 18, 2005

And, other dems would keep them in check. It's a philosophical thing.

Ahhhh, ahhhh, ahhhh, ahhh

harrr, harrr, harrr

Ohh, now that was a good laugh. Good one there dabe.

Ohhh, your serious?

The only chance we have of having a balenced budget is for the margins between the two parties to be close in Congress. Then the party not in power and moderates, will badger the ruling party to death about it. It don't matter which party has complete control, they will spend on their pork, and the other side will scream balenced budget until they are in power (then spend on their pork).

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