Tax Cuts for the Rich

Reporting what we all knew anyway, RawStory has a jump on a NYTimes front page story slated for Wednesday:

The benefits of President Bush's investment tax cuts were "far more concentrated on the very wealthiest Americans," according to an analysis of Internal Revenue Service data conducted by the New York Times and slated for the front page of Wednesday's edition.

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 $500,000 on average.

Americans with annual incomes of $1 million or more, about one-tenth of 1 percent of all taxpayers, reaped 43 percent of all the savings on investment taxes in 2003.
I was listening to NPR on the way to work this morning. They reported that the amount of wealth in the United States controlled by the richest one percent has increased to a full third - 33%.

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