Tax cuts are designed to increase the poverty gap

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The New York Times reports:

New data shows that after adjusting for inflation, 95 percent of Americans reported smaller incomes to the tax man in 2005 than in 2000.

Despite this, all Americans had more in their pockets as a result of the Bush tax cuts, although the increases ranged from barely perceptible for the bottom half of American earners to thousands of dollars a month for those at the top, Internal Revenue Service figures show.

So, Neo-Con tax cuts have achieved the results they were always intended to deliver: the rich have got richer, everyone else has got poorer and the benefit if all the tax cuts has gone to those who got richer as a result.

And David Cameron has, I note been to see Arnold Schwarzenegger this weekend and apparently wishes us to see him in that light. I do. I also saw his plans for Inheritance Tax as seeking to achieve the outcome noted above.

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