13 August 2004

From the Department of the Obvious

Well, it's official: Bush's tax cuts mostly went to rich people.

In other shocking news, hurricanes often cause a lot of rain to fall and wind to blow.

The Congressional Budget Office says about 2/3rds of the benefits of Bush's tax cuts went to people in the top 20%, with an average yearly income of $203,740. The worst part of this is that it was the middle 20% who actually saw their taxes rise: poor people got a small break, albeit a largely meaningless one. But if your total household income is between $50K-$100K, you actually got soaked.

I think the debate on whether Bush's tax cuts a) went to rich people over middle-class or poor people and b) helped cause the enormous swing from surplus to crippling deficit is now completely over.

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