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What The Media Tell
Americans About Free Enterprise 
Kudos 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 middle-class investors. 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.
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