To the editor:
I just completed my taxes. What a disappointment I had when I discovered there was no difference in my tax bill. You had to make over $350,000 a year to get a real tax cut (rates down almost 4 percent). Add in the drop in dividend taxation to 15 percent, and our multimillionaires get a huge tax cut.
A married family filing jointly with a combined taxable income of $56,800 pays 25 percent plus 7.65 percent for Social Security and Medicare for a total of 32.65 percent. A married couple making $114,650 would pay 28 percent plus 7.65 percent, a total of 35.65 percent.
A married couple making $350,000 or more a year has a top tax rate of about 35 percent. Add in lots of dividend income and capital gain, and the tax rate could easily drop to under 30 percent.
Wow, that makes me feel special. I get to pay the highest percent of my income for taxes, while the richest folks in America get to keep more of theirs. I understand now. Borrow from our kids with deficits, tax the middle class the heaviest and give more to the rich. Then use spin doctors to convince us that this is good for the nation.
No wonder David Limbaugh and wealthy special-interest groups love George Bush. It is the cash, man.