Wax On

Via Martin Stabe, a link to another Waxman ProductionTM, this one a report on how much Bush and members of his cabinet stand to gain if the Dividend tax is repealed, from which I extracted this table (click here for a larger graph):

For those still unclear on the concept, add a line saying “you” with “Estimated Dividends and Capital Gains” ranging from 0 to $400 and “Estimated Tax Savings” ranging from $0-$100. Remember, only dividend income held outside of IRAs counts because IRAs are tax-sheltered. If the Grassley $500 exclusion were instead adopted, all the cabinet members would save about $150, though Spencer Abraham and Ann Venemen might get somewhat less. The $500 plan puts the benefits to the Bush cabinet roughly on par with the benefits for the “you” category (where “you” means anyone making less than a few hundred thousand dollars a year). That must be why it appears unlikely to emerge from the conference committee.