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Rags,
The only reason that everyone is getting a tax break is because the rate on the first $12,000 earned is dropping from 15% to 10%.
Families earning between $12,000 and $43,000, in other words most families, will not receive any drop in their marginal tax rate.
This tax cut is targeted WAY up the income food chain.
The people who will be getting the vast majority of this tax cut will not be buying washing machines with it. They will be investing it; That is the definition a Supply Side targeted tax cut.
chuck
/* the cap on the %15 to %10 rate reduction is $12,000 not $15,000.
Worse than I thought. */
[This message has been edited by cjolley (edited 08 June 2001).]
The only reason that everyone is getting a tax break is because the rate on the first $12,000 earned is dropping from 15% to 10%.
Families earning between $12,000 and $43,000, in other words most families, will not receive any drop in their marginal tax rate.
This tax cut is targeted WAY up the income food chain.
The people who will be getting the vast majority of this tax cut will not be buying washing machines with it. They will be investing it; That is the definition a Supply Side targeted tax cut.
chuck
/* the cap on the %15 to %10 rate reduction is $12,000 not $15,000.
Worse than I thought. */
[This message has been edited by cjolley (edited 08 June 2001).]
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