Apr 10, 2006
In 2003, Bush and the Congress passed his last tax breaks, affecting income on investments. The New York Times studied IRS figures on what these tax cuts meant for the 6,000 richest tax payers, who averaged 26 million dollars in income in 2003. This tax cut alone saved them over a half million dollars each!
But the 70% of the population with incomes under $50,000 averaged $10 from this tax break. It’s not surprising, since the vast majority own no stocks or bonds, and in fact have nothing left over to invest after they pay all their bills.