OT: Bush tax cut 'vapor' for most Americans

OT: Bush tax cut 'vapor' for most Americans

Post by Harry Kraus » Tue, 27 Jul 2004 08:30:37


Taxes Cut, Not Saved
Assessments, Gas, Lost Profits Leave Some Gasping

By Jonathan Weisman and Neil Irwin

http://SportToday.org/

Jerry Bailey is precisely the kind of taxpayer President Bush had hoped
to bestow his tax cuts on: an entrepreneur brew-pub owner, a job
provider, not overly rich by Washington area standards but well off
enough to pay a hefty sum to the federal government each year.

But after three tax cuts in three years, the part-owner of Loudoun
County's Old Dominion Brewing Co. is not exactly celebrating his gains.
Sure, his federal tax bill was trimmed, by a healthy $5,600, according
to a rough calculation by Clint Stretch, director of tax policy at the
accounting firm Deloitte & Touche LLP.

But other factors having nothing to do with federal taxes have clouded
Bailey's situation. This year, the property tax bill on his Bethesda
home will reach $6,725, a $950 increase over his payment four years ago.
The annual cost of his 56-mile-a-day commute has jumped more than $300
since 2001, and the long, slow decline of business profits these past
four years has left Bailey far behind, no matter what his federal tax
payment may be.

"I'm not paying any taxes at all because we're not making any money,"
Bailey said with a sigh. "I loved paying taxes. It meant we were doing
all right."

As the Democrats converge on Boston this week to nominate their
presidential candidate, the rhetoric around the economic policies of the
past 42 months will doubtless be shrill. At first blush, the Democrats'
case may seem like a hard sell. Economic growth has returned. Job
growth, while slow, has perked up over the past 12 months. Most of all,
Republicans may expect some gratitude for cutting taxes by more than
$1.7 trillion over the next 10 years.

####But many Americans feel they have lost ground since 2001, and a
solid 71 percent are convinced they have received no tax cuts at all. A
poll by CBS News and the New York Times in March found that only 22
percent believe the policies of the Bush administration made their taxes
go down; 25 percent said their taxes actually went up.####

Taxpayers in the Washington area at the highest income levels appear to
have profited handsomely from the tax cut, as one Cleveland Park
businessman's tax returns show. Further down the income scale, some
people barely broke even, as Alverta Munlin and Donald Belton can
attest, after local taxes and rising costs of living were factored in.
And some struggling middle-income families, such as that of Serkalem
Nessibu, lost their entire tax cut to things like the rise in their
property tax because of the increased value of their home. Presumably,
the numbers would have been worse for many people had they not had their
federal taxes cut; but these other demands on their money help explain
why some taxpayers may dismiss the tax cut and instead focus on their
reduced bottom line.

True, rising property and sales taxes at the local level have clawed
back as much as 27 percent of the federal income tax cuts, said Mark
Zandi, chief economist at the research firm Economy.com. Nonetheless, he
said, personal income tax payments have fallen about $200 billion since
Bush took office.

"I don't think there is any doubt that [the tax burden] has dropped,"
said Greg Jenner, acting assistant Treasury secretary for tax policy.
"The statistics are irrefutable, and it's absolutely clear that the
American people are better off because of the tax cuts that the
president proposed."

Since early 2001, state and local taxes have actually fallen as a share
of personal income, said Mark Warshawsky, assistant Treasury secretary
for economic policy, from 6.3 percent of income to 6.1 percent. Factor
in federal taxes and the total tax burden has plunged from 18.3 percent
of personal income to 13.9 percent.

"Tax cuts on the federal level have greatly outweighed those state and
local [tax] increases," agreed Dean Maki, an economist at J.P. Morgan
Chase, who has studied the impact of tax law on personal incomes and
spending.

But Maki had a caveat that could well apply to the Washington area, one
that can easily make people feel as though their annual outlays have
grown, no matter what: Housing prices in the Northeast and California
have risen considerably faster than the national average. Deloitte &
Touche's Property Tax Services Group in Chicago found that single-family
home values nationally have jumped 24.2 percent since 2001, from a
median $147,800 to $174,600. But in the Northeast, median home values
shot from $146,500 in 2001 to $212,280 in May, a 45.5 percent leap.

That, in turn, has driven up property taxes and cut into individual
gains from the federal tax cuts. Nationally, property taxes rose an
average of more than 10 percent, DeLoitte researchers say. In
Alexandria, they rose 53 percent.

As the economy slowed in 2001 and federal funds for states tightened,
local jurisdictions had to find myriad ways to raise revenue that have
pinched local consumers' pocketbooks. In 2001, the District of Columbia
repealed a law that would have lowered the top marginal rate on income
earned in the city to 8.5 percent from 9.5 percent. In the past three
years, the District has raised taxes on cigarettes, ***ic beverages
and phone services.

Maryland has raised a number of fees, such as raising the price to
register a typical car to $128, from $81. And ***ia this year passed
a wide-ranging tax package that will increase the sales tax rate by a
penny per dollar starting next month, and eliminate a $12,000 state
income tax deduction for wealthy seniors.

"I have no doubt I've gone backwards," said Al Aitken, an American
Airlines copilot who is trying to organize a property tax revolt through
his VOTORS, or ***ians Over-Taxed On Residences. "I favor President
Bush's tax cut, but my increase in property taxes more than ate it up."

Aitken has the records to prove his point. In 1997, he fled his five
acres outside of Manassas when his property tax payment reached $4,000,
then settled on 10 acres in Culpeper County, where his tax payment
dropped to $1,700. But Washington sprawl and soaring real estate prices
quickly caught up to him. By 2002, his tax obligation was back up to
$4,000. It has now reached $6,000.

With an income of $128,132, including a Marine Corps pension, Aitken did
profit from the president's tax cuts, saving roughly $3,150 last year,
by Stretch's calculations. But $2,000 of that was snatched away by
Culpeper County. About $270 was consumed by rising gasoline prices,
inflating the cost of his 100-mile commute to Dulles International
Airport. His net gain? $880.

It's something, of course, but there are other factors. The collapse of
the airline industry in the wake of the Sept. 11, 2001, attacks took a
toll on Aitken personally. This year, American Airlines pilots swallowed
a 23 percent salary cut to keep the planes flying. With wages last year
totaling $92,236, Aitken effectively gave back more than $21,000. His
net gain vanished into a substantial loss.

Bush administration economists say such anecdotes do not paint an
accurate picture of the national experience. Property taxes have risen,
but measured against personal wealth, the increase has been slight, from
1.24 percent of personal incomes in 2001 to 1.35 percent now. Overall,
they stressed, after-tax incomes have risen 11 percent since the
president took office.

"People are always nervous about changes in tax law, and they're
skeptical about the benefits," Jenner said. "But overall, wages have
gone up, and after-tax income has gone up significantly," Warshawsky added.

Of course, many Washingtonians have come out ahead -- way ahead. Last
year, with his firm revving back up, a Cleveland Park businessman who
discussed his finances only on condition of anonymity pulled down more
than $1,035,000 in salary and bonuses. His wife, a federal employee,
chipped in $45,000, giving the family of four a sizable income that
enjoyed tax rate cuts in every income bracket, including the top, which
was lowered from 39.6 percent to 35 percent.

The couple also received $33,512 in taxable dividends last year. Before
Bush took office, those would have been taxed at the ordinary income
rate of 39.6 percent. But last year, Congress slashed the dividend rate
to 15 percent. All told, the businessman's taxes fell $44,500 from where
they would have been under the Clinton-era tax code, according to
Deloitte & Touche. With the assessment of his house more than doubling
since 2001, his property taxes have risen by $4,320. But rising gas
prices had negligible impact on a commute of just four miles. The
household's net gain? About $40,000 a year.

Down the income scale, the picture looks considerably different.
Serkalem Nessibu, an Ethiopian immigrant in her forties, moved to the
United States in 1979 and since then has achieved a middle-class
existence. She and her husband have a three-bedroom house in Accokeek,
in Prince George's County, and two children, one of them on the way to
college this year.

To help support it all, Nessibu works one full-time job answering the
phone at a downtown Washington hotel. After her shift ends, she
typically packs up and goes to a second job, working until recently as a
supervisor at a diner. Altogether, she works 70 to 75 hours a week, and
brought home $38,000 last year for her efforts. Her husband was laid off
from his job with an electric utility when there was a merger two years
ago, and he now works part time driving a bus while looking for
permanent work.

Altogether, Nessibu's family made about $50,000 last year, and she paid
about $1,100 less on her federal taxes than she would have had the Bush
tax cuts not been enacted. But the family took home about $60,000 back
in 2000, when the economy was booming, Nessibu received ample overtime
at the hotel and her husband worked full time. They bought a house in
2000, and the property tax has ...

read more »

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by John Smit » Tue, 27 Jul 2004 09:11:49

I see it is another day and weekend and Harry has not been boating.


Quote:
> Taxes Cut, Not Saved
> Assessments, Gas, Lost Profits Leave Some Gasping

> By Jonathan Weisman and Neil Irwin

> http://SportToday.org/

> Jerry Bailey is precisely the kind of taxpayer President Bush had hoped
> to bestow his tax cuts on: an entrepreneur brew-pub owner, a job
> provider, not overly rich by Washington area standards but well off
> enough to pay a hefty sum to the federal government each year.

> But after three tax cuts in three years, the part-owner of Loudoun
> County's Old Dominion Brewing Co. is not exactly celebrating his gains.
> Sure, his federal tax bill was trimmed, by a healthy $5,600, according
> to a rough calculation by Clint Stretch, director of tax policy at the
> accounting firm Deloitte & Touche LLP.

> But other factors having nothing to do with federal taxes have clouded
> Bailey's situation. This year, the property tax bill on his Bethesda
> home will reach $6,725, a $950 increase over his payment four years ago.
> The annual cost of his 56-mile-a-day commute has jumped more than $300
> since 2001, and the long, slow decline of business profits these past
> four years has left Bailey far behind, no matter what his federal tax
> payment may be.

> "I'm not paying any taxes at all because we're not making any money,"
> Bailey said with a sigh. "I loved paying taxes. It meant we were doing
> all right."

> As the Democrats converge on Boston this week to nominate their
> presidential candidate, the rhetoric around the economic policies of the
> past 42 months will doubtless be shrill. At first blush, the Democrats'
> case may seem like a hard sell. Economic growth has returned. Job
> growth, while slow, has perked up over the past 12 months. Most of all,
> Republicans may expect some gratitude for cutting taxes by more than
> $1.7 trillion over the next 10 years.

> ####But many Americans feel they have lost ground since 2001, and a
> solid 71 percent are convinced they have received no tax cuts at all. A
> poll by CBS News and the New York Times in March found that only 22
> percent believe the policies of the Bush administration made their taxes
> go down; 25 percent said their taxes actually went up.####

> Taxpayers in the Washington area at the highest income levels appear to
> have profited handsomely from the tax cut, as one Cleveland Park
> businessman's tax returns show. Further down the income scale, some
> people barely broke even, as Alverta Munlin and Donald Belton can
> attest, after local taxes and rising costs of living were factored in.
> And some struggling middle-income families, such as that of Serkalem
> Nessibu, lost their entire tax cut to things like the rise in their
> property tax because of the increased value of their home. Presumably,
> the numbers would have been worse for many people had they not had their
> federal taxes cut; but these other demands on their money help explain
> why some taxpayers may dismiss the tax cut and instead focus on their
> reduced bottom line.

> True, rising property and sales taxes at the local level have clawed
> back as much as 27 percent of the federal income tax cuts, said Mark
> Zandi, chief economist at the research firm Economy.com. Nonetheless, he
> said, personal income tax payments have fallen about $200 billion since
> Bush took office.

> "I don't think there is any doubt that [the tax burden] has dropped,"
> said Greg Jenner, acting assistant Treasury secretary for tax policy.
> "The statistics are irrefutable, and it's absolutely clear that the
> American people are better off because of the tax cuts that the
> president proposed."

> Since early 2001, state and local taxes have actually fallen as a share
> of personal income, said Mark Warshawsky, assistant Treasury secretary
> for economic policy, from 6.3 percent of income to 6.1 percent. Factor
> in federal taxes and the total tax burden has plunged from 18.3 percent
> of personal income to 13.9 percent.

> "Tax cuts on the federal level have greatly outweighed those state and
> local [tax] increases," agreed Dean Maki, an economist at J.P. Morgan
> Chase, who has studied the impact of tax law on personal incomes and
> spending.

> But Maki had a caveat that could well apply to the Washington area, one
> that can easily make people feel as though their annual outlays have
> grown, no matter what: Housing prices in the Northeast and California
> have risen considerably faster than the national average. Deloitte &
> Touche's Property Tax Services Group in Chicago found that single-family
> home values nationally have jumped 24.2 percent since 2001, from a
> median $147,800 to $174,600. But in the Northeast, median home values
> shot from $146,500 in 2001 to $212,280 in May, a 45.5 percent leap.

> That, in turn, has driven up property taxes and cut into individual
> gains from the federal tax cuts. Nationally, property taxes rose an
> average of more than 10 percent, DeLoitte researchers say. In
> Alexandria, they rose 53 percent.

> As the economy slowed in 2001 and federal funds for states tightened,
> local jurisdictions had to find myriad ways to raise revenue that have
> pinched local consumers' pocketbooks. In 2001, the District of Columbia
> repealed a law that would have lowered the top marginal rate on income
> earned in the city to 8.5 percent from 9.5 percent. In the past three
> years, the District has raised taxes on cigarettes, ***ic beverages
> and phone services.

> Maryland has raised a number of fees, such as raising the price to
> register a typical car to $128, from $81. And ***ia this year passed
> a wide-ranging tax package that will increase the sales tax rate by a
> penny per dollar starting next month, and eliminate a $12,000 state
> income tax deduction for wealthy seniors.

> "I have no doubt I've gone backwards," said Al Aitken, an American
> Airlines copilot who is trying to organize a property tax revolt through
> his VOTORS, or ***ians Over-Taxed On Residences. "I favor President
> Bush's tax cut, but my increase in property taxes more than ate it up."

> Aitken has the records to prove his point. In 1997, he fled his five
> acres outside of Manassas when his property tax payment reached $4,000,
> then settled on 10 acres in Culpeper County, where his tax payment
> dropped to $1,700. But Washington sprawl and soaring real estate prices
> quickly caught up to him. By 2002, his tax obligation was back up to
> $4,000. It has now reached $6,000.

> With an income of $128,132, including a Marine Corps pension, Aitken did
> profit from the president's tax cuts, saving roughly $3,150 last year,
> by Stretch's calculations. But $2,000 of that was snatched away by
> Culpeper County. About $270 was consumed by rising gasoline prices,
> inflating the cost of his 100-mile commute to Dulles International
> Airport. His net gain? $880.

> It's something, of course, but there are other factors. The collapse of
> the airline industry in the wake of the Sept. 11, 2001, attacks took a
> toll on Aitken personally. This year, American Airlines pilots swallowed
> a 23 percent salary cut to keep the planes flying. With wages last year
> totaling $92,236, Aitken effectively gave back more than $21,000. His
> net gain vanished into a substantial loss.

> Bush administration economists say such anecdotes do not paint an
> accurate picture of the national experience. Property taxes have risen,
> but measured against personal wealth, the increase has been slight, from
> 1.24 percent of personal incomes in 2001 to 1.35 percent now. Overall,
> they stressed, after-tax incomes have risen 11 percent since the
> president took office.

> "People are always nervous about changes in tax law, and they're
> skeptical about the benefits," Jenner said. "But overall, wages have
> gone up, and after-tax income has gone up significantly," Warshawsky
added.

> Of course, many Washingtonians have come out ahead -- way ahead. Last
> year, with his firm revving back up, a Cleveland Park businessman who
> discussed his finances only on condition of anonymity pulled down more
> than $1,035,000 in salary and bonuses. His wife, a federal employee,
> chipped in $45,000, giving the family of four a sizable income that
> enjoyed tax rate cuts in every income bracket, including the top, which
> was lowered from 39.6 percent to 35 percent.

> The couple also received $33,512 in taxable dividends last year. Before
> Bush took office, those would have been taxed at the ordinary income
> rate of 39.6 percent. But last year, Congress slashed the dividend rate
> to 15 percent. All told, the businessman's taxes fell $44,500 from where
> they would have been under the Clinton-era tax code, according to
> Deloitte & Touche. With the assessment of his house more than doubling
> since 2001, his property taxes have risen by $4,320. But rising gas
> prices had negligible impact on a commute of just four miles. The
> household's net gain? About $40,000 a year.

> Down the income scale, the picture looks considerably different.
> Serkalem Nessibu, an Ethiopian immigrant in her forties, moved to the
> United States in 1979 and since then has achieved a middle-class
> existence. She and her husband have a three-bedroom house in Accokeek,
> in Prince George's County, and two children, one of them on the way to
> college this year.

> To help support it all, Nessibu works one full-time job answering the
> phone at a downtown Washington hotel. After her shift ends, she
> typically packs up and goes to a second job, working until recently as a
> supervisor at a diner. Altogether, she works 70 to 75 hours a week, and
> brought home $38,000 last year for her efforts. Her husband was laid off
> from his job with an electric utility when there

...

read more »

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Jerry Stee » Wed, 28 Jul 2004 00:48:40

Ooops, excuse me, gotta go to the bathroom and take a huge
John Kerry.
Quote:

> Taxes Cut, Not Saved
> Assessments, Gas, Lost Profits Leave Some Gasping

> By Jonathan Weisman and Neil Irwin

> http://SportToday.org/

> Jerry Bailey is precisely the kind of taxpayer President Bush had hoped
> to bestow his tax cuts on: an entrepreneur brew-pub owner, a job
> provider, not overly rich by Washington area standards but well off
> enough to pay a hefty sum to the federal government each year.

> But after three tax cuts in three years, the part-owner of Loudoun
> County's Old Dominion Brewing Co. is not exactly celebrating his gains.
> Sure, his federal tax bill was trimmed, by a healthy $5,600, according
> to a rough calculation by Clint Stretch, director of tax policy at the
> accounting firm Deloitte & Touche LLP.

> But other factors having nothing to do with federal taxes have clouded
> Bailey's situation. This year, the property tax bill on his Bethesda
> home will reach $6,725, a $950 increase over his payment four years ago.
> The annual cost of his 56-mile-a-day commute has jumped more than $300
> since 2001, and the long, slow decline of business profits these past
> four years has left Bailey far behind, no matter what his federal tax
> payment may be.

> "I'm not paying any taxes at all because we're not making any money,"
> Bailey said with a sigh. "I loved paying taxes. It meant we were doing
> all right."

> As the Democrats converge on Boston this week to nominate their
> presidential candidate, the rhetoric around the economic policies of the
> past 42 months will doubtless be shrill. At first blush, the Democrats'
> case may seem like a hard sell. Economic growth has returned. Job
> growth, while slow, has perked up over the past 12 months. Most of all,
> Republicans may expect some gratitude for cutting taxes by more than
> $1.7 trillion over the next 10 years.

> ####But many Americans feel they have lost ground since 2001, and a
> solid 71 percent are convinced they have received no tax cuts at all. A
> poll by CBS News and the New York Times in March found that only 22
> percent believe the policies of the Bush administration made their taxes
> go down; 25 percent said their taxes actually went up.####

> Taxpayers in the Washington area at the highest income levels appear to
> have profited handsomely from the tax cut, as one Cleveland Park
> businessman's tax returns show. Further down the income scale, some
> people barely broke even, as Alverta Munlin and Donald Belton can
> attest, after local taxes and rising costs of living were factored in.
> And some struggling middle-income families, such as that of Serkalem
> Nessibu, lost their entire tax cut to things like the rise in their
> property tax because of the increased value of their home. Presumably,
> the numbers would have been worse for many people had they not had their
> federal taxes cut; but these other demands on their money help explain
> why some taxpayers may dismiss the tax cut and instead focus on their
> reduced bottom line.

> True, rising property and sales taxes at the local level have clawed
> back as much as 27 percent of the federal income tax cuts, said Mark
> Zandi, chief economist at the research firm Economy.com. Nonetheless, he
> said, personal income tax payments have fallen about $200 billion since
> Bush took office.

> "I don't think there is any doubt that [the tax burden] has dropped,"
> said Greg Jenner, acting assistant Treasury secretary for tax policy.
> "The statistics are irrefutable, and it's absolutely clear that the
> American people are better off because of the tax cuts that the
> president proposed."

> Since early 2001, state and local taxes have actually fallen as a share
> of personal income, said Mark Warshawsky, assistant Treasury secretary
> for economic policy, from 6.3 percent of income to 6.1 percent. Factor
> in federal taxes and the total tax burden has plunged from 18.3 percent
> of personal income to 13.9 percent.

> "Tax cuts on the federal level have greatly outweighed those state and
> local [tax] increases," agreed Dean Maki, an economist at J.P. Morgan
> Chase, who has studied the impact of tax law on personal incomes and
> spending.

> But Maki had a caveat that could well apply to the Washington area, one
> that can easily make people feel as though their annual outlays have
> grown, no matter what: Housing prices in the Northeast and California
> have risen considerably faster than the national average. Deloitte &
> Touche's Property Tax Services Group in Chicago found that single-family
> home values nationally have jumped 24.2 percent since 2001, from a
> median $147,800 to $174,600. But in the Northeast, median home values
> shot from $146,500 in 2001 to $212,280 in May, a 45.5 percent leap.

> That, in turn, has driven up property taxes and cut into individual
> gains from the federal tax cuts. Nationally, property taxes rose an
> average of more than 10 percent, DeLoitte researchers say. In
> Alexandria, they rose 53 percent.

> As the economy slowed in 2001 and federal funds for states tightened,
> local jurisdictions had to find myriad ways to raise revenue that have
> pinched local consumers' pocketbooks. In 2001, the District of Columbia
> repealed a law that would have lowered the top marginal rate on income
> earned in the city to 8.5 percent from 9.5 percent. In the past three
> years, the District has raised taxes on cigarettes, ***ic beverages
> and phone services.

> Maryland has raised a number of fees, such as raising the price to
> register a typical car to $128, from $81. And ***ia this year passed
> a wide-ranging tax package that will increase the sales tax rate by a
> penny per dollar starting next month, and eliminate a $12,000 state
> income tax deduction for wealthy seniors.

> "I have no doubt I've gone backwards," said Al Aitken, an American
> Airlines copilot who is trying to organize a property tax revolt through
> his VOTORS, or ***ians Over-Taxed On Residences. "I favor President
> Bush's tax cut, but my increase in property taxes more than ate it up."

> Aitken has the records to prove his point. In 1997, he fled his five
> acres outside of Manassas when his property tax payment reached $4,000,
> then settled on 10 acres in Culpeper County, where his tax payment
> dropped to $1,700. But Washington sprawl and soaring real estate prices
> quickly caught up to him. By 2002, his tax obligation was back up to
> $4,000. It has now reached $6,000.

> With an income of $128,132, including a Marine Corps pension, Aitken did
> profit from the president's tax cuts, saving roughly $3,150 last year,
> by Stretch's calculations. But $2,000 of that was snatched away by
> Culpeper County. About $270 was consumed by rising gasoline prices,
> inflating the cost of his 100-mile commute to Dulles International
> Airport. His net gain? $880.

> It's something, of course, but there are other factors. The collapse of
> the airline industry in the wake of the Sept. 11, 2001, attacks took a
> toll on Aitken personally. This year, American Airlines pilots swallowed
> a 23 percent salary cut to keep the planes flying. With wages last year
> totaling $92,236, Aitken effectively gave back more than $21,000. His
> net gain vanished into a substantial loss.

> Bush administration economists say such anecdotes do not paint an
> accurate picture of the national experience. Property taxes have risen,
> but measured against personal wealth, the increase has been slight, from
> 1.24 percent of personal incomes in 2001 to 1.35 percent now. Overall,
> they stressed, after-tax incomes have risen 11 percent since the
> president took office.

> "People are always nervous about changes in tax law, and they're
> skeptical about the benefits," Jenner said. "But overall, wages have
> gone up, and after-tax income has gone up significantly," Warshawsky added.

> Of course, many Washingtonians have come out ahead -- way ahead. Last
> year, with his firm revving back up, a Cleveland Park businessman who
> discussed his finances only on condition of anonymity pulled down more
> than $1,035,000 in salary and bonuses. His wife, a federal employee,
> chipped in $45,000, giving the family of four a sizable income that
> enjoyed tax rate cuts in every income bracket, including the top, which
> was lowered from 39.6 percent to 35 percent.

> The couple also received $33,512 in taxable dividends last year. Before
> Bush took office, those would have been taxed at the ordinary income
> rate of 39.6 percent. But last year, Congress slashed the dividend rate
> to 15 percent. All told, the businessman's taxes fell $44,500 from where
> they would have been under the Clinton-era tax code, according to
> Deloitte & Touche. With the assessment of his house more than doubling
> since 2001, his property taxes have risen by $4,320. But rising gas
> prices had negligible impact on a commute of just four miles. The
> household's net gain? About $40,000 a year.

> Down the income scale, the picture looks considerably different.
> Serkalem Nessibu, an Ethiopian immigrant in her forties, moved to the
> United States in 1979 and since then has achieved a middle-class
> existence. She and her husband have a three-bedroom house in Accokeek,
> in Prince George's County, and two children, one of them on the way to
> college this year.

> To help support it all, Nessibu works one full-time job answering the
> phone at a downtown Washington hotel. After her shift ends, she
> typically packs up and goes to a second job, working until recently as a
> supervisor at a diner. Altogether, she works 70 to 75 hours a week, and
> brought home $38,000 last year for her efforts. Her husband was laid off
> from his job with

...

read more »

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Gould 07 » Wed, 28 Jul 2004 01:21:17

Quote:
>Ooops, excuse me, gotta go to the bathroom and take a huge
>John Kerry.

How mature and original. Does your Dad know you play with his computer when
he's at work?
 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by jim- » Wed, 28 Jul 2004 01:36:33


Quote:
> >Ooops, excuse me, gotta go to the bathroom and take a huge
> >John Kerry.

> How mature and original. Does your Dad know you play with his computer
when
> he's at work?

Where are your lectures to Krause when he posts worse ***than that on an
hourly basis?
 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Harry Kraus » Wed, 28 Jul 2004 01:42:57

Quote:



>> >Ooops, excuse me, gotta go to the bathroom and take a huge
>> >John Kerry.

>> How mature and original. Does your Dad know you play with his computer
> when
>> he's at work?

> Where are your lectures to Krause when he posts worse ***than that on an
> hourly basis?

Oh...Dennis awoke from his coma for another day of forgetfulness.

What's your wife's name, Dennis? Do you remember?

--
A vote for Nader is a vote for Bush;
A vote for Bush is a vote for Apocalypse.

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Calif Bil » Wed, 28 Jul 2004 03:26:40


Quote:



> >> >Ooops, excuse me, gotta go to the bathroom and take a huge
> >> >John Kerry.

> >> How mature and original. Does your Dad know you play with his computer
> > when
> >> he's at work?

> > Where are your lectures to Krause when he posts worse ***than that on
an
> > hourly basis?

> Oh...Dennis awoke from his coma for another day of forgetfulness.

> What's your wife's name, Dennis? Do you remember?

> --
> A vote for Nader is a vote for Bush;
> A vote for Bush is a vote for Apocalypse.
> >> How mature and original. Does your nurse know you play with his
computer
> > when
> >> she's at break?

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Jerry Stee » Wed, 28 Jul 2004 08:09:34

Quote:

> Ooops, excuse me, gotta go to the bathroom and take a huge
> John Kerry.

When your as full of sh*t as the dems are, it takes two johns
to hold it.
Quote:


> > Taxes Cut, Not Saved
> > Assessments, Gas, Lost Profits Leave Some Gasping

> > By Jonathan Weisman and Neil Irwin

> > http://SportToday.org/

> > Jerry Bailey is precisely the kind of taxpayer President Bush had hoped
> > to bestow his tax cuts on: an entrepreneur brew-pub owner, a job
> > provider, not overly rich by Washington area standards but well off
> > enough to pay a hefty sum to the federal government each year.

> > But after three tax cuts in three years, the part-owner of Loudoun
> > County's Old Dominion Brewing Co. is not exactly celebrating his gains.
> > Sure, his federal tax bill was trimmed, by a healthy $5,600, according
> > to a rough calculation by Clint Stretch, director of tax policy at the
> > accounting firm Deloitte & Touche LLP.

> > But other factors having nothing to do with federal taxes have clouded
> > Bailey's situation. This year, the property tax bill on his Bethesda
> > home will reach $6,725, a $950 increase over his payment four years ago.
> > The annual cost of his 56-mile-a-day commute has jumped more than $300
> > since 2001, and the long, slow decline of business profits these past
> > four years has left Bailey far behind, no matter what his federal tax
> > payment may be.

> > "I'm not paying any taxes at all because we're not making any money,"
> > Bailey said with a sigh. "I loved paying taxes. It meant we were doing
> > all right."

> > As the Democrats converge on Boston this week to nominate their
> > presidential candidate, the rhetoric around the economic policies of the
> > past 42 months will doubtless be shrill. At first blush, the Democrats'
> > case may seem like a hard sell. Economic growth has returned. Job
> > growth, while slow, has perked up over the past 12 months. Most of all,
> > Republicans may expect some gratitude for cutting taxes by more than
> > $1.7 trillion over the next 10 years.

> > ####But many Americans feel they have lost ground since 2001, and a
> > solid 71 percent are convinced they have received no tax cuts at all. A
> > poll by CBS News and the New York Times in March found that only 22
> > percent believe the policies of the Bush administration made their taxes
> > go down; 25 percent said their taxes actually went up.####

> > Taxpayers in the Washington area at the highest income levels appear to
> > have profited handsomely from the tax cut, as one Cleveland Park
> > businessman's tax returns show. Further down the income scale, some
> > people barely broke even, as Alverta Munlin and Donald Belton can
> > attest, after local taxes and rising costs of living were factored in.
> > And some struggling middle-income families, such as that of Serkalem
> > Nessibu, lost their entire tax cut to things like the rise in their
> > property tax because of the increased value of their home. Presumably,
> > the numbers would have been worse for many people had they not had their
> > federal taxes cut; but these other demands on their money help explain
> > why some taxpayers may dismiss the tax cut and instead focus on their
> > reduced bottom line.

> > True, rising property and sales taxes at the local level have clawed
> > back as much as 27 percent of the federal income tax cuts, said Mark
> > Zandi, chief economist at the research firm Economy.com. Nonetheless, he
> > said, personal income tax payments have fallen about $200 billion since
> > Bush took office.

> > "I don't think there is any doubt that [the tax burden] has dropped,"
> > said Greg Jenner, acting assistant Treasury secretary for tax policy.
> > "The statistics are irrefutable, and it's absolutely clear that the
> > American people are better off because of the tax cuts that the
> > president proposed."

> > Since early 2001, state and local taxes have actually fallen as a share
> > of personal income, said Mark Warshawsky, assistant Treasury secretary
> > for economic policy, from 6.3 percent of income to 6.1 percent. Factor
> > in federal taxes and the total tax burden has plunged from 18.3 percent
> > of personal income to 13.9 percent.

> > "Tax cuts on the federal level have greatly outweighed those state and
> > local [tax] increases," agreed Dean Maki, an economist at J.P. Morgan
> > Chase, who has studied the impact of tax law on personal incomes and
> > spending.

> > But Maki had a caveat that could well apply to the Washington area, one
> > that can easily make people feel as though their annual outlays have
> > grown, no matter what: Housing prices in the Northeast and California
> > have risen considerably faster than the national average. Deloitte &
> > Touche's Property Tax Services Group in Chicago found that single-family
> > home values nationally have jumped 24.2 percent since 2001, from a
> > median $147,800 to $174,600. But in the Northeast, median home values
> > shot from $146,500 in 2001 to $212,280 in May, a 45.5 percent leap.

> > That, in turn, has driven up property taxes and cut into individual
> > gains from the federal tax cuts. Nationally, property taxes rose an
> > average of more than 10 percent, DeLoitte researchers say. In
> > Alexandria, they rose 53 percent.

> > As the economy slowed in 2001 and federal funds for states tightened,
> > local jurisdictions had to find myriad ways to raise revenue that have
> > pinched local consumers' pocketbooks. In 2001, the District of Columbia
> > repealed a law that would have lowered the top marginal rate on income
> > earned in the city to 8.5 percent from 9.5 percent. In the past three
> > years, the District has raised taxes on cigarettes, ***ic beverages
> > and phone services.

> > Maryland has raised a number of fees, such as raising the price to
> > register a typical car to $128, from $81. And ***ia this year passed
> > a wide-ranging tax package that will increase the sales tax rate by a
> > penny per dollar starting next month, and eliminate a $12,000 state
> > income tax deduction for wealthy seniors.

> > "I have no doubt I've gone backwards," said Al Aitken, an American
> > Airlines copilot who is trying to organize a property tax revolt through
> > his VOTORS, or ***ians Over-Taxed On Residences. "I favor President
> > Bush's tax cut, but my increase in property taxes more than ate it up."

> > Aitken has the records to prove his point. In 1997, he fled his five
> > acres outside of Manassas when his property tax payment reached $4,000,
> > then settled on 10 acres in Culpeper County, where his tax payment
> > dropped to $1,700. But Washington sprawl and soaring real estate prices
> > quickly caught up to him. By 2002, his tax obligation was back up to
> > $4,000. It has now reached $6,000.

> > With an income of $128,132, including a Marine Corps pension, Aitken did
> > profit from the president's tax cuts, saving roughly $3,150 last year,
> > by Stretch's calculations. But $2,000 of that was snatched away by
> > Culpeper County. About $270 was consumed by rising gasoline prices,
> > inflating the cost of his 100-mile commute to Dulles International
> > Airport. His net gain? $880.

> > It's something, of course, but there are other factors. The collapse of
> > the airline industry in the wake of the Sept. 11, 2001, attacks took a
> > toll on Aitken personally. This year, American Airlines pilots swallowed
> > a 23 percent salary cut to keep the planes flying. With wages last year
> > totaling $92,236, Aitken effectively gave back more than $21,000. His
> > net gain vanished into a substantial loss.

> > Bush administration economists say such anecdotes do not paint an
> > accurate picture of the national experience. Property taxes have risen,
> > but measured against personal wealth, the increase has been slight, from
> > 1.24 percent of personal incomes in 2001 to 1.35 percent now. Overall,
> > they stressed, after-tax incomes have risen 11 percent since the
> > president took office.

> > "People are always nervous about changes in tax law, and they're
> > skeptical about the benefits," Jenner said. "But overall, wages have
> > gone up, and after-tax income has gone up significantly," Warshawsky added.

> > Of course, many Washingtonians have come out ahead -- way ahead. Last
> > year, with his firm revving back up, a Cleveland Park businessman who
> > discussed his finances only on condition of anonymity pulled down more
> > than $1,035,000 in salary and bonuses. His wife, a federal employee,
> > chipped in $45,000, giving the family of four a sizable income that
> > enjoyed tax rate cuts in every income bracket, including the top, which
> > was lowered from 39.6 percent to 35 percent.

> > The couple also received $33,512 in taxable dividends last year. Before
> > Bush took office, those would have been taxed at the ordinary income
> > rate of 39.6 percent. But last year, Congress slashed the dividend rate
> > to 15 percent. All told, the businessman's taxes fell $44,500 from where
> > they would have been under the Clinton-era tax code, according to
> > Deloitte & Touche. With the assessment of his house more than doubling
> > since 2001, his property taxes have risen by $4,320. But rising gas
> > prices had negligible impact on a commute of just four miles. The
> > household's net gain? About $40,000 a year.

> > Down the income scale, the picture looks considerably different.
> > Serkalem Nessibu, an Ethiopian immigrant in her forties, moved to the
> > United States in 1979 and since then has achieved a middle-class
> > existence. She

...

read more »

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Bert Robbin » Wed, 28 Jul 2004 09:08:42


Quote:
> >Ooops, excuse me, gotta go to the bathroom and take a huge
> >John Kerry.

> How mature and original. Does your Dad know you play with his computer
when
> he's at work?

When you take a dump you know you will be taking another dump. And, when you
receive a tax cut you want another tax cut.
 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Bert Robbin » Wed, 28 Jul 2004 09:09:32


Quote:



> > >Ooops, excuse me, gotta go to the bathroom and take a huge
> > >John Kerry.

> > How mature and original. Does your Dad know you play with his computer
> when
> > he's at work?

> Where are your lectures to Krause when he posts worse ***than that on an
> hourly basis?

Don't count on Gould being fair and balanced, it is impossible for a
partisan progressive.
 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Gould 07 » Wed, 28 Jul 2004 10:22:35

Quote:
>Don't count on Gould being fair and balanced, it is impossible for a
>partisan progressive.

Krause posts some horrible stuff on the NG, but he never regresses to Jr. High
School elimination humor.

If I was anti-Kerry, I'd be ashamed that a fellow traveler had such a low IQ
that he or she thought it was clever to say "I'm going to sit on the toilet and
take a John Kerry."
Woo,... hoo. Is that the best the Bush crew's got? At least all that RW
propaganda is having an effect on somebody's "intellect".
Congrats.

 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Bert Robbin » Wed, 28 Jul 2004 11:20:14


Quote:
> >Don't count on Gould being fair and balanced, it is impossible for a
> >partisan progressive.

> Krause posts some horrible stuff on the NG, but he never regresses to Jr.
High
> School elimination humor.

Gould, your statement above is why people have a problem with your claimed
attempts at balance. You are so blind to Krause's Jr. High School bathroom
humor and allusions.

Quote:
> If I was anti-Kerry, I'd be ashamed that a fellow traveler had such a low
IQ
> that he or she thought it was clever to say "I'm going to sit on the
toilet and
> take a John Kerry."

Open your eyes!

Quote:
> Woo,... hoo. Is that the best the Bush crew's got? At least all that RW
> propaganda is having an effect on somebody's "intellect".

Huh? Whar are you talking about. It is the left that has been spewing hate
and discontent for the last four years.

Quote:
> Congrats.

I don't know why but, thanks!
 
 
 

OT: Bush tax cut 'vapor' for most Americans

Post by Gould 07 » Wed, 28 Jul 2004 11:26:25

Quote:
>Gould, your statement above is why people have a problem with your claimed
>attempts at balance. You are so blind to Krause's Jr. High School bathroom
>humor and allusions.

Never claimed to be balanced. What you see is what you get. I list to port. I
may make some effort to be less deliberately offensive than some, but then
again there are many that find my philosophies offensive regardless of how they
may be expressed.