"High-income
families benefited from the top marginal rate falling. Billionaires
benefited from lightly taxed dividend income. And government receipts,
in turn, dropped.... The bottom 80 percent of filers received about 35
percent of the cuts. The top 20 percent received about 65 percent—and
the top 1 percent alone claimed 38 percent."
~ Annie Lowrey, Salon
The
massive shrub tax cuts mark their 10th birthday this week. Sadly,
despite my best efforts to find something redeeming about
them—honest!—there is little to celebrate. By nearly all of the metrics
set out by the shrub himself, the cuts were a colossal failure.
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