What agenda will newly elected Republicans be pushing in 2015? Tax cuts on capital gains and dividends will almost certainly figure in the mix. Such cuts, conservatives argued during the George W. Bush years, would usher in an “ownership society” where “everyone would be a part owner in the American dream.” The cuts enacted back then, journalist David Cay Johnston pointed out last week, have had the exact opposite effect. In 2000, one of every eight taxpayers reported capital gains income. In 2012, only one in fifteen. Americans making over $2 million a year collected 18 percent of the nation’s dividends in 2000 — and 38 percent in 2012. The over-$2 million-a-year set saw their average annual dividends swell, after inflation, from $246,000 to $1,169,600 . . .
Posted on: Fri, 14 Nov 2014 05:15:43 +0000
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