Plan Gives Most Benefits to Wealthy and Families

Old Blog Import

I don’t understand how the Republicans can accuse people on the Left of class warfare” when they introduce policies like these… And hasn’t Regan-era Trickle Down Economics been shown not to work?

In general, the dollar value of proposed income tax cuts climbs roughly in line with a person’s income. But the biggest chunk of Mr. Bush’s $674 billion package is a call to eliminate taxes on corporate dividends, and that change would overwhelmingly benefit the wealthiest 5 percent of taxpayers.

Citizens for Tax Justice, a liberal research group in Washington that uses government tax data and a respected computer model to analyze tax changes, calculated today that nearly half of the tax benefits in Mr. Bush’s program would flow to the wealthiest 10 percent of taxpayers. The wealthiest one percent, who earn an average of $1 million a year, would see their taxes decline about $32,000, the research group said.”

NY Times