Thursday, August 5, 2004

The Tax Foundation today released Wealthy Americans and Business Activity Helped by Tax Cuts; Businesses Producing Lion’s Share of Tax Revenue. Here is part of the press release:

The recent cut in the top income tax rate from 39.6 percent to 35 percent has been criticized as an unfair and wasteful tax break for the wealthy. However, a new Tax Foundation study reveals most earners in the top 1 percent of income are in fact business owners and entrepreneurs. That suggests cuts in top income tax rates are also tax cuts on business income—the most likely kind of tax cut to boost economic growth and job creation.