VAT can be considered a regressive tax because the poorer I am, the more of my money I spend on goods and services, and the less on savings and investments. As a proportion of income, poor people spend more on VAT than rich people. I think it’s about double, in the UK. So you’re right that cutting VAT helps richer people more in absolute terms. But in terms of of quality of life it helps poorer people more.

[edit] assuming we’re talking about VAT on things that everyone buys. Which is why tax codes often exempt essential items from VAT.