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BUSH BUDGET DIRECTOR BRAGS OF SHIFTING TAX BURDEN TO RICH
Mon Feb 07 2005 15:42:56 ET
The White House budget director Josh Bolten on Monday bragged to reporters how the nation most-wealthy will see an increase in tax burden under Bush's new budget.
"If you look at the president's tax cuts as a totality, the income tax, those at the upper end of the spectrum are now paying a larger share of the income tax than they were before," Bolten explained.
"An example, the top 5 percent in income in this country -- that's people making above about $140,000 -- without the president's tax cuts that top 5 percent would be paying about less than 52 percent of our total income tax revenue.
"After the president's tax cut that group is paying more than 54 percent of our total tax revenue. So the notion that the president's tax cuts have somehow made the code less progressive is wrong. The president's tax cuts have made the tax code more progressive."
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