Big Gain for Rich Seen in Tax Cuts for Investments (Barf Alert)

The New York Times ^ | April 5, 2006 | DAVID CAY JOHNSTON

[libstripper]

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.

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Interactive Graphic: Dividends in Your County Related A Terrain That Peaks at $33,392 and Bottoms at $21 (April 5, 2006) 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.

When Congress cut investment taxes three years ago, it was clear that the highest-income Americans would gain the most, because they had the most money in investments. But the size of the cuts and what share goes to each income group have not been known.

[libstripper]

Here's the Slime's take on the Bush administration's capital gains and dividend tax cuts. It conveniently ignores how these cuts have stimulated the entire economy, making thousands of jobs and vastly increasing the value of hundreds of thousands of 401(k) accounts. All the Slimes does is talk about tax savings of some of the very wealthy. It doesn't even bother to mention the vast increase in Federal revenues produced by these very tax rate reductions.

[Skooz]

When Congress cut investment taxes three years ago, it was clear that the highest-income Americans would gain the most, because they had the most money in investments.

Duh.

[speedy]

The Times runs some variation of this story every single day. Sometimes it's on page one, sometimes on the inside. For a guy awash in inherited money, Pinch Sulzberger really likes to play the Class Warrior game.

[PeterPrinciple]

The lesson is invest and save so all people can participate in the tax cuts. Most tax "goodies" are still geared to lower income earners who STILL PAY TAXES.

But since we are getting to the point where most people don't pay taxes, theses "goodies" are meaningless to them.

Welfare didn't disappear. The welfare system morphed into the tax system in such programs as earned income credit, and all the other credits.

[tx_eggman]

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.

While, oh horror of horrors, raising the amount of tax revenue coming in from taxes on investment profits ... just like they said it would.

[wagglebee]

reducing taxes on incomes of more than $10 million by an average of about $500,000.

So, a group of people which probably numbers less than a few hundred people got a 5% tax break; in all likelihood most if not all of this money was put back into the economy and created at least a dozen new jobs. Of course the New York Slimes would never admit this.

[gov_bean_ counter]

Never mind that upwards to 65 or 70% of American adults are invested, in one form or another, in the stock market.

[Choose Ye This Day]

"Big Gain for Rich...in Tax Cuts"?????

How is it a GAIN to NOT have something that belongs to you TAKEN AWAY?!!? The "Rich" aren't GAINING anything, they're just not having as much of what's theirs taken away and given to someone else.