On that $70 billion "tax cut"

This is already old news but it's certainly worth a repeat. And here's the key on dubya's latest giveaway to the wealthiest Americans:

“Americans at the center of the income distribution—the middle fifth of taxpayers, who will earn an average of $36,000 this year—could expect a 0.4 percent reduction in their tax bill, or about $20. Those who make less than $75,000—which includes about 75 percent of all taxpayers—would save, at most, $110 each. Those making more than $1 million would save, on average, almost $42,000.”
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"House and Senate conservatives agreed on another budget-busting tax bill favoring the wealthiest Americans. The latest plan—announced after months of tense negotiations and slipped deadlines—will spend $70 billion to extend the 15 percent tax rate for capital gains and dividends until 2010, among other proposals. According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest Americans: “Americans at the center of the income distribution—the middle fifth of taxpayers, who will earn an average of $36,000 this year—could expect a 0.4 percent reduction in their tax bill, or about $20. Those who make less than $75,000—which includes about 75 percent of all taxpayers—would save, at most, $110 each. Those making more than $1 million would save, on average, almost $42,000.” Additionally, the agreement depends on a number of “budget gimmicks to create the appearance that it complies with a key rule that bars reconciliation bills from increasing long-term deficits.” Despite administration claims to the contrary, Federal Reserve economists have found these investment tax cuts haven’t boosted the stock market, and the non-partisan Joint Committee on Taxation determined that any economic benefits of the cuts are ” eventually likely to be outweighed by the reduction in national savings due to increasing Federal government deficits.”
Thanks to Al Franken: