May 18, 2006 03:45 PM | Permalink |
Congressional Republicans are now trying to claim that the tax cut they recently enacted on capital gains and dividends actually favored low-income Americans. The May 17 release from the Senate Finance Committee is an exercise in outrageous statistical chicanery.
To defend their preposterous conclusion, GOP lawmakers apparently started with a reasonable estimate of the effects of the capital gains and dividends tax cut by the Joint Committee on Taxation. The implied (but unpublished) JCT figures appear to be similar to those published by Citizens for Tax Justice — which is to be expected since they were calculated on very similar computer tax models.