Georgie Helps The Rich

According to republican talking points, most of Georgie's investment income tax cut was supposed to help the middle class. Most of us knew this was a lie the first time we heard it, but now the first figures are in, and it looks like it really was a lie.

The New York Times just did an analysis of Internal Revenue Service data from 2003 [the latest year from which data is available]. The study showed that those making over $10 million had reduced their tax by an average of $500,000. When combined with Georgie's first two tax cuts, these people are saving over $1 million dollars a year. These taxpayers wound up paying about the same percentage of their income as people making $200,000 to $500,000, even though their average income was $26 million.

In fact, the analysis showed that 70% of this tax cut went to the top 2% [about 2.6 million people]. Once again, Georgie has lied to the citizens and given his rich friends the keys to the treasury. This is not only unfair, it is obscene.