Our friend Glenn Reynolds says the recent round of tax cuts for the wealthy is "progressive," adding:

Of course, what's really interesting is how little tax revenue comes from people in lower brackets.

In that one sentence he sums up why tax cuts, if there are going to be any, ought to go to earners on the lower end of the scale. It won't cost as much, it won't balloon the deficit, and it will put money in "real" people's pockets who need it and who will spend it.

Of course, what's really interesting is how logic is out the window when it comes to tax policy. For a different take, see Thoughts of an Average Woman.

P.S. If you have an IRA, you might want to read this. Might as well get on the gravy train before it leaves the station (if it ever does in this case).