Analysis of Tax Bill Finds More Benefits for the Rich (Not Surprising)

[UpInArms]

http://www.nytimes.com/2006/05/05/business/05cut.html?ex=1304481600&en=797b89cbbc678338&ei=5088&partner=rssnyt&emc=rss

The tax cut bill that Senate and House leaders have generally agreed upon is expected to save Americans at the center of the income distribution an average of $20 each, according to estimates by the Tax Policy Center, a nonprofit research organization in Washington.

The top tenth of 1 percent, whose average income is $5.3 million, would save an average of $82,415. Those in the top group would see their tax bill cut 4.8 percent, while Americans at the center of the income distribution — the middle fifth of taxpayers, who will earn an average of $36,000 this year — could expect a 0.4 percent reduction in their tax bill, or about $20.

Those who make less than $75,000 — which includes about 75 percent of all taxpayers — would save, at most, $110 each. Those making more than $1 million would save, on average, almost $42,000.

President Bush has said he supports the plan unless it becomes laden with provisions he considers extraneous. The bill hit a roadblock yesterday in a fight involving the tax treatment of charities. Congress values the tax cuts at $70 billion. They would have to be financed with borrowing.

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Don't spend your $20 all in one place - like the gas pump :mad:

[Erika]

1. Ah, Cut the taxes to the rich

and gut the programs for the needy. It's the GOP thing to do.

[AmandaRuth]

2. like the republicans say

Blessed be the rich

[Erika]

3. and it will be harder for the poor to get into heaven

than a camel thru the eye of a needle.

[Eric J in MN]

4. Why is DAVID CAY JOHNSTON a Republican?

He wants higher taxes on the rich and more spending on education.

That seems like a good reason to be a Democrat.