Wednesday, April 05, 2006

Tax Cuts Benefit The Wealthy. Who'dve Thought?

This just in from the "No Shit, Sherlock" department of the New York Times...

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.

Read the full article here. (Free Registration Required)

No comments: