Nah,It gave tax cuts to the people who pay the most. This is how tax cuts works. If you pay little or no taxes than you don't get much of a tax cut.
It's like increasing the dole, if you're not unemployed you don't benefit, or if children's allowance is increased, you don't really benefit if you don't have children.
You can structure tax cuts so that everyone gets a similar saving, meaning that the poorest taxpayers get a proportionally better break.
Even George W Bush saw that:
Everything came to a head for O'Neill at a November 2002 meeting at the White House of the economic team.
"It's a huge meeting. You got Dick Cheney from the, you know, secure location on the video. The President is there," says Suskind, who was given a nearly verbatim transcript by someone who attended the meeting.
He says everyone expected Mr. Bush to rubber stamp the plan under discussion: a big new tax cut. But, according to Suskind, the president was perhaps having second thoughts about cutting taxes again, and was uncharacteristically engaged.
"He asks, 'Haven't we already given money to rich people? This second tax cut's gonna do it again,'" says Suskind.
"He says, 'Didn't we already, why are we doing it again?' Now, his advisers, they say, 'Well Mr. President, the upper class, they're the entrepreneurs. That's the standard response.' And the president kind of goes, 'OK.' That's their response. And then, he comes back to it again. 'Well, shouldn't we be giving money to the middle, won't people be able to say, 'You did it once, and then you did it twice, and what was it good for?'"
But according to the transcript, White House political advisor Karl Rove jumped in.
"Karl Rove is saying to the president, a kind of mantra. 'Stick to principle. Stick to principle.' He says it over and over again," says Suskind. "Don't waver."
In the end, the president didn't. And nine days after that meeting in which O'Neill made it clear he could not publicly support another tax cut, the vice president called and asked him to resign.