The New York Times headline — "Tax Cuts Offer Most for Very Rich" — said it all. That claim was uncritically repeated by CNN, posted on Brad DeLong's blog and so on. But was it true?
The report by Edmund Andrews was about the latest "Historical Effective Tax Rates" from the Congressional Budget Office (CBO).
The CBO shows that from 2000 (the year before Bush cut tax rates) to 2004, the after-tax income of the very richest 1 percent fell by 7.9 per ...
- 
- 
- 
