Thanks for the $20 Tax Cut
During a time of war, citizens must make sacrifices for their country; under the Bu$h administration, sacrifices equal tax breaks. This is from the Center on Budget and Policy Priorities:
House and Senate negotiators have reportedly reached final agreement on the $70 billion tax-cut reconciliation package. Although no official description of the agreement has been released, press reports on the contents of the final package indicate that it will offer virtually no benefits to low- and moderate-income households, but shower high-income households with very large tax cuts.
About 87 percent of the benefits of the reconciliation conference agreement would flow to the 14 percent of households with incomes above $100,000, and 55 percent of the benefits would go to the 3 percent with incomes above $200,000. Households earning more than $1 million a year, which represent only 0.2 percent of all households, would receive 22 percent of the benefits of these tax cuts.
Looked at in dollar terms, the differential treatment of various income groups is even more striking. The average tax cut for the 20 percent of households in the middle of the income spectrum would be just $20. But the average tax cut for those in the top one percent of the income spectrum would be $13,800. For those with incomes above $1 million, the average tax cut would be $42,000.