Think Bush’s tax cuts reduce taxes for the wealthy? How about eliminating them altogether?
In 2005, the number of federal tax returns with $200,000 or more of adjusted gross income that paid absolutely no federal income taxes at all jumped 161% compared to the year before. In addition the number who paid absolutely no income taxes worldwide increased 75%. These numbers come from the IRS, and the increase in tax avoidance comes directly from two tax law changes.