I think in this case, you have a very surprising amount of people up in arms about the cut because the administration is outright *lying* about the effect it will have on the economy.
Nothing that's come out of the white house has even made one whit of sense as far as how this will 'create jobs'. I mean, if they wanted to have a better chance of that, they'd be cutting the taxes on the corporate side of things, but even that wouldn't do anything, because it'd just automatically be reinvested in the company.
This is why Bush has lost his entire economic team. I doubt that they wanted people to think that they were telling him this was sound economic policy.
Not only that, but there are a LOT of companies that don't even pay dividends. Microsoft only started doing that this year, as an experiment. So even investors with a lot of $$ in the market may only see maybe about a 10K difference, which when you've got a lot of money anyway doesn't make that much of a difference, practically.
As someone who basically lives off of investment income, I sat down with my husband to see how much $$ we would 'save'. The answer, even though we're highly diversified, is a grand total of $5000. Which, if we kept better records, we could probably best if we did itemized deductions. And since any dividends *automatically roll over into further investment* via our setup (which is common to most people), we will notice absolutely no difference in our day to day life. I suspect it will be much the same for the billionaires out there too.
Driving our economy into the ground, and hiking up the deficit to uberobscene levels will technically 'hurt' rich people more than people who aren't invested and/or are living hand to mouth anyway. So it makes a lot of intuitive sense to me that the loudest people protesting this have a LOT of $$. I mean, even the Republicans who are lukewarmly supporting this don't look to happy about it. And most of the Democratic bigwigs aren't exactly impoverished either, KWIM? Add to that the fact that this doesn't create jobs, puts more pressure on the states, and support services and funding is being axed to fund the damn thing...it's just stupid to go along with.
Just because you're 'Rich' doesn't mean you're dumb. Or that you don't understand basic economics, or that you'd rather make a nickle today even if it costs you $100 next week. In fact, I would say that someone who's rich by their own making is probably MORE likely to understand why this is a *really* bad idea than the rich-wannabe folks that comprise the majority of support for the Republican party.