Voodoo Economics Rises From The Dead

CNN.com - Bush to seek $675 billion economic boost - Jan. 7, 2003

I think I've finally figured out how ironic this is. During Morning Edition this morning, someone mentioned that cutting taxes on stock dividends was part of Bush Jr.'s trickle-down economic theory. Ironic, of course, because Bush Sr., just before becoming Vice President, called the trickle-down theory "voodoo economics". (Watch Ferris Beuler's Day Off to see Ben Stein explain this.)

Even worse, I didn't have statistics to back me up earlier, and thanks to CNN, I now know that this "tax break" will give around 30 million americans a break... out of nearly 297 million americans. call it 150 million tax-payers, and you still get 20% of Americans actually getting a tax break. Of that 20 percent, 27 billion will go back to 15 million people getting less than 50,000 a year -- $1800 bucks. And 27 billion will go the 10 million getting between 50 thou and 100 thou. Then around 5.2 million people earning 100 thou plus will get... 78.5 billion back: the 400,000 people earning $200,000 a year or more will get $44,000,000,000 back. That's $11,000 back each
for them.

Yeah, "tax break" my rump.

Posted by Ted Stevko at January 7, 2003 12:02 PM