[Boston-editorial] Wealthy Protest Their Own $69 Billion in Tax Breaks

Wed Apr 6 17:17:50 PDT 2005

It looks like this got sent to this list instead of dispatch because of 
the previous miscommunication. I assume no one has any objections to 
centering it. It should give the trolls something to chew on. -- Matt

On Apr 6, 2005, at 4:08 PM, Responsible Wealth wrote:

> Responsible Wealth Press Release - April 6, 2005 (Contact info after
> release)
>
> WEALTHY SAY, "NO, THANKS" TO TAX CUTS
>
> RESPONSIBLE TAX PLEDGE TARGETS $69 BILLION IN TAX BREAKS FOR RICH
>
> BOSTON-A group of wealthy Americans today announced that they would 
> turn
> down their share of the $69 billion in tax cuts that went to the 
> wealthy in
> 2004, and they called on other wealthy people to redirect their 
> federal tax
> breaks to support fairer taxes through a campaign called the 
> Responsible Tax
> Pledge.
>
> "It's obscene that Washington is handing out tax breaks to 
> millionaires with
> one hand and shredding the safety net with the other," said Marta 
> Drury,
> Responsible Wealth member.  "I want it to stop, so I'm calculating my 
> 2004
> tax cut and donating it to organizations fighting for responsible, 
> fair and
> adequate taxes. I don't believe that people like me with incomes over
> $200,000 need $69 billion in tax cuts."
>
> According to data from the Tax Policy Center, taxpayers who made more 
> than
> $1 million received an average federal income tax break of $123,592 in 
> 2004.
> This compares to $383, the average tax break in 2004 for the 
> two-thirds of
> taxpayers who make less than $50,000 per year.
>
> For the wealthy individuals who have taken the pledge this year, the 
> average
> estimated tax break in 2004 was $20,000.  For several, the tax break 
> was
> more than $100,000.
>
> Based on data from the Tax Policy Center, Responsible Wealth 
> calculates that
> the total of tax breaks to those who made more than $200,000 in 2004 
> was $69
> billion.
>
> "The next time a politician says we can't afford to fund something you 
> care
> about, ask yourself if $69 billion per year would help," said Scott 
> Klinger,
> co-director of Responsible Wealth.  "When you hear that the only 
> choices we
> have are to cut budgets, increase the deficit or increase your taxes,
> remember that $69 billion in tax breaks went to people who made more 
> than
> $200,000 last year."
>
> Responsible Wealth is helping taxpayers educate themselves about their 
> share
> of the tax cuts.  The amount each taxpayer receives from recent 
> changes in
> the federal income tax is buried in the calculations of his or her
> individual income tax. Responsible Wealth has created an automated, 
> online
> calculator that individuals can use to calculate their personal 2004 
> tax
> break.  It can be found at http://www.responsiblewealth.org/taxpledge.
>
> The Responsible Tax Pledge is designed to enable wealthy recipients of 
> tax
> cuts to redirect their unwanted and unneeded "windfall" to watchdog and
> grassroots organizations working for fairer taxes.  Since 1998, it has
> provided hundreds of thousands of dollars in funding through 
> mechanisms such
> as the Fund for Tax Fairness at the Tides Foundation.  For example, the
> Maine Citizen Leadership Fund, which recently led the successful fight
> against a California-style property tax cap initiative, received a 
> grant
> from the fund. And in Washington State, which has the most regressive 
> tax
> system in the country, a grant went to a new coalition organizing for
> changes in state tax policy.
>
> Responsible Wealth (http://www.responsiblewealth.org) is a national 
> network
> of business people, investors and affluent Americans who are concerned 
> about
> the deepening wealth divide in America and who advocate widespread
> prosperity.  It spearheads the highly publicized effort to preserve the
> estate tax.
>
> ###
>
> [TABLE: Average Value of Bush Tax Cuts in 2004]
> (See a better formatted version at
> https://faireconomy/join/RTPTaxBreakTable05.html)
>
> 2004 Income* More than $1,000,000
> Share of Taxpayers 0.2%
> Share of Total Tax Cuts 15.3%
> Average 2004 Tax Cut $123,592
>
> 2004 Income* $500,000 - $1,000,000
> Share of Taxpayers 0.4%
> Share of Total Tax Cuts 5.5%
> Average 2004 Tax Cut $21,470
>
> 2004 Income* $200,000 - $500,000
> Share of Taxpayers 2.3%
> Share of Total Tax Cuts 12.3%
> Average 2004 Tax Cut $7,637
>
> 2004 Income* $100,000 - $200,000
> Share of Taxpayers 9.3%
> Share of Total Tax Cuts 24.5%
> Average 2004 Tax Cut $3,826
>
> 2004 Income*$75,000 - $100,000
> Share of Taxpayers 7.9%
> Share of Total Tax Cuts 12.4%
> Average 2004 Tax Cut $2,264
>
> 2004 Income* $50,000 - $75,000
> Share of Taxpayers 14.0%
> Share of Total Tax Cuts 12.4%
> Average 2004 Tax Cut $1,287
>
> 2004 Income* $20,000 - $50,000
> Share of Taxpayers 32.9%
> Share of Total Tax Cuts 15.0%
> Average 2004 Tax Cut $660
>
> 2004 Income* Less than $20,000
> Share of Taxpayers 32.6%
> Share of Total Tax Cuts 2.5%
> Average 2004 Tax Cut $105
>
> Source: Responsible Wealth calculations based on data from Tax Policy
> Center, April 8, 2004. (Includes most provisions in the 2001 and 2003 
> acts,
> EGTRRA and JGTRRA; excludes education provisions.)
>
> *Includes wages and salaries, investment income, and government 
> benefits on
> a pretax basis.
>
>
> CONTACT: Bob Keener
> 29 Winter Street, 2nd floor, Boston, MA 02108
> (617) 423-2148 x 103, fax (617) 423-0191
> www.responsiblewealth.org, e-mail bkeener at faireconomy.org
>
>
>
>
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