Important point by Paul Krugman: The biggest [Bush tax] breaks went not to people paid high salaries but to coupon-clippers and heirs to large estates. True, the top tax bracket on earned income fell from 39.6 to 35 percent. But the top rate on dividends fell from 39.6 percent (because they were taxed as ordinary income) to 15 percent — and the estate tax was completely eliminated...the great tax-cut push of the Bush years was mainly about reducing taxes on unearned income.
Posted on: Wed, 26 Mar 2014 12:00:14 +0000
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