Today's Investor's Business Daily disagrees with you. In the section, "Issues & Insights", it states:
" ... tax cuts will boost the economy and help a broad swath of Americans at all income levels.
Those who oppose the 10-year, $674 billion stimulus package seem particularly incensed by provisions that would end the double taxation of dividends. That, they say, reeks of a gift to the rich.
But some 84 million Americans now own stocks, either in personal accounts, 401(k)s or IRAs. As economists will tell you, cutting dividends will boost share prices - even for those who own stocks that don't pay dividends.
As for other cuts, the plan slashes taxes on 92 million Americans by an average of $1,083 this year alone. It will give 46 million married couples $1,716, on average. It will hand 34 million families with kids an added $1,473.
Do all those breaks go to the rich? Not at all.
In fact, the plan has been carefully crafted to include the middle class and working poor. Even though they pay far less in taxes than those at the upper income levels, they get bigger tax breaks as a percentage of their incomes.
For example, a married couple with two kids and $250,000 in income gets an 8% tax break - not bad at all, you say. A similar family with $100,000 in income gets a 21% tax cut; a family making $60,000, a 27% cut; a family at $40,000, a whopping 96% cut.
As the nonpartisan National Center for Policy Analysis recently noted, families that make over $200,000 a year pay 45% of all income taxes, but get 40% of the cuts.
Families making $100,000 or less, basically the middle class and below, pay 28% of all taxes. But they get 34% of the cuts. And by boosting the child tax credit to $1,000 and ending the so-called marriage penalty, the plan scores a direct hit on working families.
Most people understand that tax cuts boost economic growth over the long run. The Bush plan is no different."