Estimated savings from a repeal of the tax on capital gains and dividends for Bush's cabinet members.
data(cabinet)A data frame with 19 observations on the following 4 variables.
Name of individual
Position of individual
Estimated amount of dividend and capital gain income
Estimated tax savings
Quoting from the data source http://www.house.gov/reform/min/pdfs_108/pdf_inves/pdf_admin_tax_law_cabinet_june_3_rep.pdf (From Henry Waxman, congressional watchdog.)
“On May 22, 2003, the House of Representatives and the Senate passed tax legislation that included \$320 billion in tax cuts. The final tax cut bill was signed into law by President Bush on May 28, 2003. The largest component of the new tax law is the reduction of tax rates on both capital gains and dividend income. The law also includes the acceleration of future tax cuts, as well as new tax reductions for businesses.
This capital gains and dividend tax cut will have virtually no impact on the average American. The vast majority of Americans (88 no capital gains on their tax returns. These taxpayers will receive no tax savings at all from the reduction in taxes on capital gains. Similarly, most Americans (75 from the reduction of taxes on dividends.
While the average American will derive little, if any, benefit from the cuts in dividend and capital gains taxes, the law offers significant benefits to the wealthy. For example, the top 1 receive an average tax cut of almost \$21,000 each. In particular, some of the major beneficiaries of this plan will be Vice President Cheney, President Bush, and other members of the cabinet. Based on 2001 and 2002 dividends and capital gains income, Vice President Cheney, President Bush, and the cabinet are estimated to receive an average tax cut of at least \$42,000 per year. Their average tax savings equals the median household income in the United States.”
# NOT RUN {
data(cabinet)
attach(cabinet)
median(est.dividend.cg)
mean(est.dividend.cg)
detach(cabinet)
# }
Run the code above in your browser using DataLab