Democrats, liberals, Hollywood, the media, and Warren Buffet (all see in the above picture with the gun), have all started singing in chorus that the reckless tax cuts have only benefitted the rich. The crying begins all the way back to when Reagan started his wild and crazy idea of tax cuts. Here’s a snapshot picture of the “benefits”:
In 1980, with Jimmy Carter still as president, the top 1 percent of filers, those who reported an adjusted growth income of $80,580 or more, paid 19 percent of all federal income taxes. A decade later, despite tax cuts in the 1980s that many critics claimed benefited the rich, our top 1 percent of filers were paying more of the total–25 percent of the country’s tax bill-than anyone else. By 2005, the most recent year data are available, our top 1 percent of filers were paying nearly 40 percent of the federal income tax bill, while those in the 2nd to 5th percentile paid another 20 percent. Every other group saw its share of the tax bill decline, sometimes substantially.
From 19% to 40% in 25 years. Yeah, great benefits. And it’s still not enough for some people, mainly every Democrat running for any office anywhere.