An analysis of the Internal Revenue Service's 2003 figures show that President Bush's tax cuts on investment income have had a major effect on citizens in the upper tax brackets.

A study by The New York Times found that taxes on incomes of more than $10 million were reduced by an average of about $500,000. The 2003 tax year was the first that the president's tax cut on investment income were in effect, reflecting cuts for income from dividends and capital gains. The investment cuts' benefits were much more concentrated on the very wealthiest Americans than the benefits of President Bush's earliest tax cuts on wages and other noninvestment income, the paper said.

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