What we already knew: Study: Bush tax cuts making rich richer

[FormerRepublican]

"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."

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

CNN sure got THIS off their home page quick.

Just more Bush shoveling money from your pocket and into the pockets of his rich pals.

[NanceGreggs]

1. Our next president (a Dem, of course!) ...

... should rescind the tax cuts to the wealthy, retroactively.

And here's the beauty part: He doesn't even have to TELL these people he's doing it. He can just have the money transferred out of their bank accounts and into the public coffers. Believe me, they would NEVER even notice that it's gone ...

[MrMonk]

2. Paris Hilton does not represent the rich.

The rich instinctively know where every penny is and whether someone has moved it.

[NanceGreggs]

3. Wasn't meant to be taken literally ... n/t

[LSK]

4. K&R