Thursday, April 06, 2006

Tax relief

The first data to document the effect of President Bush's tax cuts for investment income show that they have significantly lowered the tax burden on the richest Americans, reducing taxes on incomes of more than $10 million by an average of about $500,000.
An analysis of Internal Revenue Service data by The New York Times found that the benefit of the lower taxes on investments was far more concentrated on the very wealthiest Americans than the benefits of Mr. Bush's two previous tax cuts: on wages and other noninvestment income.

The Republicans deride progressives for pointing out trends like this, calling it "class warfare." I am ready for some class warfare.

Read the entire article here.

1 comment:

Anonymous said...

I'm not surprised that you would use a dollar firgure to make your case against the tax cut. Why not point out that people making under 50,000 a year had a 47% reduction in their tax bill while people making 200,000 to 500,000 had a 8% reduction? Big difference!!