Skip to content
Andrew Tobias
Andrew Tobias

Money and Other Subjects

  • Home
  • Books
  • Videos
  • Bio
  • Archives
  • Links
  • Me-Mail
Andrew Tobias
Andrew Tobias

Money and Other Subjects

$800,000 for Him, $4 for You

July 27, 2004March 25, 2012

Yesterday, I linked to a report that shows how, for the 2003 tax cut . . . a tax cut that will save a friend of mine $800,000 a year in taxes on $3.2 million he gets in dividends each year . . . the average tax reduction for 88% of all taxpayers will be $4.

Clearly, my friend is not included in that 88%. But 118 million other taxpaying households are – perhaps yours is one of them – and the most any of them will get from the 2003 tax cut in 2006 is $100 . . . with an average, as I say, of $4.

Several of you asked how this is possible.

Bob McIntyre of the Center for Tax Justice, explains: ‘The 2003 Bush tax cut has much less of an effect in 2006 than earlier because by 2006, the only provision of the bill is the cut in taxes on dividends and capital gains. By 2006, other changes either would have taken effect anyway, or expire.’

It’s as almost as if the average voter was tricked (mis-led?) into accepting a small soon-to-evaporate tax cut in return for granting the wealthiest people in the country a giant long-term cut. If I were a typical taxpayer – Democrat or Republican – I’d be furious. Fortunately, I’m rich (in a very minor way) so this worked out fine for me. Yet somehow I think President Bush has it all wrong, with desperately sad consequences for our country.

Post navigation

← Your Taxes; Your Country
How It Looks NOW →

Quote of the Day

"Total abstinence is so excellent a thing that it cannot be carried to too great an extent. In my passion for it I even carry it so far as to totally abstain from total abstinence itself."

Mark Twain | The Washington Post, June 11, 1881

Subscribe

 Advice

The Only Investment Guide You'll Ever Need

"So full of tips and angles that only a booby or a billionaire could not benefit." -- The New York Times

Help

MYM Emergency?

Too Much Junk?

Tax Questions?

Ask Less

Recent Posts

  • Two Things You Can Never Be

    July 11, 2025
  • Anyone? Anyone?

    July 11, 2025
  • "PAPERS PLEASE" -- Trump's Very Own Gigantic Police Force

    July 9, 2025
  • 5 Links And A Joke Walk Into A Bar

    July 8, 2025
  • There WAS No Cherry Tree

    July 7, 2025
  • "The Most Popular Bill Ever Signed In The History Of Our Country"

    July 6, 2025
  • Unbelievably Bad -- Literally

    July 4, 2025
  • Repeal The Steal

    July 2, 2025
  • Our Record-High Stock Market

    June 30, 2025
  • Stuffing The Goose

    June 30, 2025
Andrew Tobias Books
  • Facebook
  • Twitter
©2025 Andrew Tobias - All Rights Reserved | Website: Whirled Pixels | Author Photo: Tony Adams