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BUSH RELEASES TAX RETURNS 04

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posted on Jul, 22 2004 @ 03:59 PM
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Bush & Cheney Release Tax Returns


President Saved $30,858 from his tax cuts. Vice-President paid only 13.1% tax rate President George W. Bush and Vice-President Dick Cheney released their 2003 tax returns today. Each of them reported extremely high incomes, placing each among the best-off one percent of Americans. Details of the tax filings include:

President Bush saved $30,858 from his tax cuts:

# President & Mrs. Bush reported total income of $822,126.

# They paid $227,490 in income taxes, equal to 27.7 percent of their income.

# The President’s tax cuts lowered the Bushes’ 2003 tax bill by $30,858.

# The President’s reduction in the top rate on dividends saved the Bushes
$2,696

in taxes on their $10,959 in reported dividends (which were taxed at 15

percent rather than 39.6 percent). The rest of the Bushes’ tax cut stemmed

from the President’s reduction in tax rates on their other income.

Vice-President Cheney paid only a 13.1 percent income tax rate:

# Vice-President & Mrs. Cheney reported 2003 total income of $1,900,339.

# The Cheneys’ income tax was $241,392, equal to only 13.1 percent of their

reported income.

# The Cheneys’ total income included $627,005 in tax-exempt interest,
$279,012

in long-term capital gains and $84,132 in dividends. None of the capital gains

were eligible for the new 15 percent tax rate, however, because they were

realized prior to the May 6, 2003 effective date for the capital gains tax cut.

# The Bush tax cuts saved the Cheneys $10,937 in taxes in 2003.

# The Cheneys’ tax cut would have been much larger—$36,623—except that
the

alternative minimum tax disallowed 70 percent of the tax cut they would

otherwise have received.

Note: tax comparisons are between 2003 tax law under the Bush tax plan
versus the tax law as

it would have been without the Bush tax cuts.

More details on the President and Vice-President’s tax returns follow on the
next page.

MORE . . .

Page 2 of 2

–000–

Bush & Cheney 2003 Current law Prior law Tax cut

vs. pre-Bush law Bush Cheney Bush Cheney Bush Cheney

Taxable income $ 727,083 $ 813,266 $ 727,083 $ 813,266

Tax before credits reported 227,494 248,369 na na

Capital gains (long-term) — 279,012 — 279,012

Dividends (eligible) 10,959 84,132 na na

CG & div at special rates 10,959 363,144 — 279,012

Taxable w/o cg & div 716,124 450,122 727,083 534,254

Tax before cg & div tax 225,850 132,749 258,352 181,991

CG & div tax 1,644 68,422 — 55,802

Tax before AMT 227,494 201,171 258,352 237,794 –30,858 –36,623

AMT adds — +47,198 — +21,512

Net tax before credits 227,494 248,369 258,352 259,306

Less: credits (FTC) 4 6,977 4 6,977

Total tax after credits $ 227,490 $ 241,392 $ 258,348 $ 252,329 $ –30,858 $
–10,937

% cut in income tax –12% –4%

Reported income:

Tax-return total income $ 822,126 $ 1,273,334 $ 822,126 $ 1,273,334

Tax-exempt interest — 627,005 — 627,005

Total income (w/ TEI) $ 822,126 $ 1,900,339 $ 822,126 $ 1,900,339

Effective tax rate 27.7% 13.1% 31.4% 13.6% –3.8% –0.6%
AMT calculations

AMT taxable 1,018,753 1,018,753

w/o cg/div 655,609 739,741

tax at 28% 180,071 203,627

cg & div at 15% &/or 20% 68,422 55,802

total 248,493 259,430 –10,937

Less credit (FTC) 7,101 7,101

AMT 241,392 252,329 –10,937
www.ctj.org...

AMT adds to regular tax +47,198 +21,512 +25,686




posted on Jul, 22 2004 @ 04:01 PM
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posted on Jul, 22 2004 @ 04:09 PM
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Cheney's 13% effective tax rate on a $2 million income isn't even funny. It's not worthy of a joke, a retort, an angered rant...nothing really short of storming the castle and beheading the whole damn lot of them.



posted on Jul, 22 2004 @ 04:14 PM
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I'm sorry you had to read that.... At least you know the truth...

Now you gotta make sure they don't get their greedy little paws in office again..

I must say your post did make me laugh, but I laugh when people get angry, just some wierd quirky thing I have...



posted on Jul, 22 2004 @ 04:22 PM
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If thats going to piss you off this should really wet your noodle:

www.ctj.org...

Bush’s $10 Trillion Borrowing Binge

New projections from the Congressional Budget Office indicate that continuation of President Bush’s budget policies will triple the national debt by the end of fiscal 2013. Left unchecked, Bush’s reckless approach to fiscal policy will saddle our children with an additional $10 trillion in debt just ten years from now.


Unlike the baseline, the alternative takes a more realistic approach to
predicting future spending and taxes. Primarily, that means dropping the implausible baseline assumptions that federal appropriations will plummet as a share of the economy, that tax cuts ostensibly “sunsetted” will
really go away, and that the alternative minimum tax will engulf 30 million families.

The effects of CBO’s more realistic predictions are striking. By fiscal 2013, for example, the projected annual deficit in the regular budget under Bush’s policies skyrockets to $1.1 trillion—more than ten times bigger than the non-credible “baseline” estimate of $105 billion.

Some of CBO’s important information is hidden in footnotes, and nowhere is
everything added up. But with a little arithmetic, here’s what CBO’s nonpartisan experts seem to think is a reasonable assessment of where George W. Bush’s policies are taking our nation:

The Bush National Debt Projected 2013 vs. Actual 2001 $-trillions—
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
2001 2013
Reality adjust.
“Baseline”
$4.5
trillion
$14.1
trillion
Congressional Budget Office “Alternative” Assessment of Bush Budget Policies
On-budget only Clinton Bush 1st Term Next Four Years Following Four Years 2002–

fisc yrs, $bill. except debt 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2013

Baseline deficits +31 –381 –562 –644 –520 –425 –421 –434 –426 –417 –298 –143 –105 –4,776

Adjustments (see p. 4) — — — –67 –158 –257 –327 –390 –467 –545 –733 –881 –998 –4,822

Adjusted deficits +31 –381 –562 –711 –678 –682 –748 –824 –893 –962 –1,031 –1,024 –1,103 –9,599

% of outlays borrowed –2% 23% 31% 37% 33% 31% 32% 33% 33% 34% 34% 33% 33% 33%

Deficit/GDP –0.3% 3.7% 5.2% 6.3% 5.7% 5.4% 5.7% 5.9% 6.1% 6.3% 6.4% 6.1% 6.2% 5.8%

National debt w/ SS ($trill) 4.5 4.9 5.5 6.2 6.8 7.5 8.3 9.1 10.0 11.0 12.0 13.0 14.1 +9.6

National debt/GDP 45% 47% 51% 55% 58% 60% 63% 66% 68% 71% 75% 77% 79%

Interest as % of domestic discret. 69% 62% 58% 65% 77% 87% 95% 101% 106% 111% 116% 120%

Tax cuts w/o sunsets including interest –129 –198 –275 –292 –320 –363 –402 –453 –519 –575 –609 –646

% of deficit 34% 35% 39% 43% 47% 49% 49% 51% 54% 56% 60% 59%

Deficits by term –2,333 –3,146 –4,119
Tax cuts by term –895 –1,536 –2,349 % of deficit by term 38% 49% 57%


Click on: Bush's $10 Trillion Borrowing Binge 9/11/03
at the www.ctj.org

Really intersting to say the least...





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