Some Americans reaping huge gains from reduced taxes on invstmt income

[babylonsister]

It's so nice that we are being represented by our government. :puke:

http://money.cnn.com/2006/04/05/news/tax_cuts/index.htm?cnn=yes

Study: Bush tax cuts making rich richer
Report: The wealthiest Americans are reaping huge gains from reduced taxes on investment income.
April 5, 2006: 7:54 AM EDT

NEW YORK (CNNMoney.com) - President Bush's tax cuts for investment income 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, according to a report Wednesday.

An analysis of Internal Revenue Service data by The New York Times found that the benefit of the lower taxes on investments was more concentrated on the very wealthiest Americans than the benefits of President Bush's two previous tax cuts.

The Times analyzed IRS figures for 2003, the latest year available and the first that reflected the tax cuts for income from dividends and from the sale of stock and other assets, known as capital gains.

According to the study, taxpayers with incomes greater than $10 million reduced their investment tax bill by an average of about $500,000 in 2003, and their total tax savings, which included the two Bush tax cuts on compensation, nearly doubled, to slightly more than $1 million.

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