cabinet                package:UsingR                R Documentation

_E_s_t_i_m_a_t_e_d _t_a_x _s_a_v_i_n_g_s _f_o_r _U_S _P_r_e_s_i_d_e_n_t _B_u_s_h'_s _c_a_b_i_n_e_t

_D_e_s_c_r_i_p_t_i_o_n:

     Estimated savings from a repeal of the tax on capital gains and
     dividends for Bush's cabinet members.

_U_s_a_g_e:

     data(cabinet)

_F_o_r_m_a_t:

     A data frame with 19 observations on the following 4 variables.

     _n_a_m_e Name of individual

     _p_o_s_i_t_i_o_n Position of individual

     _e_s_t._d_i_v_i_d_e_n_d._c_g Estimated amount of dividend and capital gain
          income

     _e_s_t._t_a_x._s_a_v_i_n_g_s Estimated tax savings

_D_e_t_a_i_l_s:

     Quoting from the data source <URL:
     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."

_S_o_u_r_c_e:

     <URL:
     http://www.house.gov/reform/min/pdfs_108/pdf_inves/pdf_admin_tax_law_cabinet_june_3_rep.pdf>

_E_x_a_m_p_l_e_s:

     data(cabinet)
     attach(cabinet)
     median(est.dividend.cg)
     mean(est.dividend.cg)
     detach(cabinet)

