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WSLC
Reports Today Links are functional at date of posting, but sometimes expire. Some links require free registration. WSLC Reports Today links to stories of interest to organized labor; some positive, some negative. The intention is to inform. |
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THURSDAY,
OCT. 12 ▪
What have Bush's tax cuts cost YOU so far? --
George Bush, Dave Reichert and
Cathy McMorris are taking billions of dollars from the pockets of working
families -- now, but especially in the future -- and handing it over to the
richest 1% of Americans. And they are doing this in what should be a time a
shared sacrifice, when our nation is at war.
Local news:
I-933 news:
More political news: National news:
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THURSDAY,
OCTOBER 12, 2006 Back in May, U.S. Reps. Dave Reichert and Cathy McMorris voted for President George Bush's wartime $70 billion tax cut targeted to the wealthiest Americans. It was just the latest in a series of upper-class tax cuts passed by the Republican-controlled Congress, and like all the rest, it was paid for by our children -- with borrowed money. Meanwhile, with both McMorris and Reichert's support, Republicans in Congress are allowing a middle-class tax break to expire -- the sales-tax deduction that saves Washington families an average $500 a year. They held that tax break hostage in a failed attempt to permanently repeal the estate tax for the richest multi-millionaires in the nation. Their gambit failed and Congress adjourned without renewing the sales-tax break. (Learn more in the Seattle Post-Intelligencer's "Tax increases: Thank the Republicans" or the Tri-City Herald's "Political games unfairly increasing your tax bill.") But these tax breaks for the rich are costing Washington working families much more than that. Citizens for Tax Justice has released a state-by-state breakdown of the combination of tax cuts approved by Congress in the past six years. They are tax breaks for capital gains and dividends, reductions in personal income tax rates, estate tax cuts and an array of corporate tax loopholes, and the CTW summarizes their effects on state residents at different income levels. Its key findings:
SKEWED TOWARD THE WEALTHIEST: Between 2001 and 2010, the wealthiest 1% of Washington residents, who have an average income of $1,660,500 in 2006, will receive more than 40% of the benefits of the Republican tax cuts. This richest 1% will save an average $68,645 per year between 2001-2010 on their taxes. What did YOU get? The majority of Washingtonians -- the 60% on the low end of the income scale -- get an average annual tax cut of only $444 over that 10-year period, which is LESS than what we are losing with the sales-tax deduction that expires in 2007. WHAT WILL IT COST YOU? For the 99% of Washington residents who aren’t in the wealthiest top tier, our share of the added debt accumulated from 2001 through 2006 outweighs our tax cuts by an average of $7,079 per person. So 99% of us have received an average tax break of $2,830 per person over the six-year period, but our added debt burden averages $9,090 per person. Bottom line: George Bush, Dave Reichert and Cathy McMorris are taking billions of dollars from the pockets of working families -- now, but especially in the future -- and handing it over to the richest 1% of Americans. And they are doing this in what should be a time a shared sacrifice, when our nation is at war. Read the Citizens for Tax Justice report for Washington state.
If you have news items regarding unions or workplace issues in Washington state that you would like to see posted here, please submit them via e-mail to David Groves or via fax to 206-285-5805. Copyright © 2006 Washington State Labor Council, AFL-CIO
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