New IRS Data Pegs Cost of Special Low Tax Rates on Capital Gains and Dividends at $92 Billion in 2005 Alone: Three Quarters Goes to Richest 0.6%

Newly released information from the Internal Revenue Service shows that the special low tax rates on capital gains and dividends, enacted or expanded under President Bush, reduced income tax payments by $91.7 billion in 2005. Almost three quarters of those tax reductions went to the 0.6 percent of taxpayers reporting 2005 adjusted gross incomes in excess of $500,000.

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