It's an article of faith
among many reporters, especially at the television networks, that a
cut in the capital gains tax would mainly benefit the wealthy,
ignoring the fact that it would immediately help many in
Dan Rather, on the May 23
CBS Evening News, for example, stated: "On Capitol Hill today, the
Senate voted overwhelming approval today for the big balanced budget
blueprint. Supporters of the plan say it would balance the budget in
five years, provide $85 million in tax breaks mostly for families
with children, cut the capital gains tax which would help
immediately the wealthy, and save $321 billion out of Medicare,
defense and other spending."
But USA Today's Anne
Willette, on May 5, looked at the facts. "The explosion in stock
ownership, especially through mutual funds, has made capital gains
taxes a middle class issue," she reported. "Some 84 percent of
taxpayers reporting capital gains income earned less than $100,000."
Kudos to Willette for
giving USA Today readers facts about the capital gains tax they
might not have been able to get from other news sources.