http://www.faireconomy.org/press/2004/Shif...TaxCuts_pr.html
Bush Tax Cuts = Tax Shifts
New UFE Report: Tax Burden Shifting off Wealthy onto Everyone Else
BOSTON — A new report, entitled “Shifty Tax Cuts: How They Move the Tax Burden off the Rich and onto Everyone Else,” from United for a Fair Economy (UFE) indicates that between 2002 and 2004, the Bush tax cuts to the top 1% of US income earners redirected billions of dollars in revenue that could have eliminated virtually all of the budget shortfalls in the states.
“Congress had the option to send aid to the states to prevent $200 billion worth of service cuts and regressive tax increases,” said Chris Hartman, UFE’s research director. “Instead, they gave tax breaks totaling roughly the same amount to multi-millionaires and the rest of the top 1%.”
The report identifies five main areas of shifting tax burden:
FEDERAL TO STATE — a 15% shift in tax burden between 2000 and 2003
PROGRESSIVE TO REGRESSIVE — at the federal level, a 17% decline in the share of revenue from progressive taxes and a 135% increase in the share of revenue from regressive taxes since 1962
WEALTH TO WORK — A tax cut on unearned income — such as inheritance or investment — of between 31% and 79%, but a tax hike on work income of 25% since 1980
CORPORATIONS TO INDIVIDUALS — a 67% drop in the share of federal revenues contributed by corporations and a 17% rise in individuals’ share
CURRENT TAXPAYERS TO FUTURE GENERATIONS — record deficits that shift the tax burden to our children and grandchildren