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Cutting tax rates for billionaires

Otello Desiderato Waterford

Publication: The Day

Published 03/14/2010 12:00 AM
Updated 03/13/2010 06:15 PM

The tea party movement commendably supports lower taxes and government spending.

Here are some tax-reduction facts based on Internal Revenue Service data:

In 2007, the top 400 highest earning households received $138 billion. Because of the 2003 tax cuts advanced by President Bush, the tax rate for these 400 households was only 16.6 percent, the lowest since the IRS began keeping such records.

The Obama administration now wants to cut tax subsidies for the richest earners.

Does the tea party movement wish to protect these low rates for billionaire households?

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