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Report Finds Tax Cuts Heavily Favor the Wealthy

Date: August 13, 2004
Author: Edmund L. Andrews
QUOTE: The average after-tax income for people in the top 1 percent of income earners climbed 10.1 percent, while that of those in the middle 20 percent climbed 2.3 percent, and that of those in the bottom fifth only 1.6 percent.

ABSTRACT: Taxpayers in the highest U.S. income bracket, 1 percent of the total population, received one-third of total tax cuts from Bush during the last three years. Republicans say by helping the economy the tax cuts benefitted the whole population while Democrats argue that the cuts hurt the federal budget and gave preferential treatment to the wealthiest.

--- A. Willing

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