Tax Cuts For Wealthy Americans Cost Treasury $11.6 Million Every Hour: Report

[Kadie]

Tax Cuts For Wealthy Americans Cost Treasury $11.6 Million Every Hour: Report
The Huffington Post Jillian Berman
First Posted: 10/14/11 05:13 PM ET Updated: 10/15/11 11:11 AM ET



Tax cuts for America’s top earners are costing everyone, every hour of every day, a new report from the National Priorities Project finds.

Tax cuts for the wealthiest five percent of Americans cost the U.S. Treasury $11.6 million every hour, according to the National Priorities Project. America’s top earners will get an average tax cut of $66,384 in 2011, while the bottom 20 percent will get an average cut of $107.

The report comes as party leaders wrangle over the best way to curb the nation’s budget deficit, protesters around the world demonstrate against income inequality and corporate greed and Republican presidential candidates offer their economic plans to voters. Former pizza company CEO and Republican presidential candidate, Herman Cain, has been getting lots of attention in recent weeks for “999 Plan” which would cap the corporate, income and sales tax rates at 9 percent.

President Barack Obama unveiled his deficit reduction plan last month, which aims to curb the national debt through a combination of tax cuts and increased spending. The plan includes a proposal to increase taxes on millionaires -- the so-called Buffett rule, name for famed billionaire investor Warren Buffett. In an August op-ed in The New York Times, Buffett argued that lawmakers should put an end to tax breaks for the “super-rich.”

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http://www.huffingtonpost.com/2011/10/14/tax-cuts-for-wealthy-americans_n_1011601.html

[xchrom]

1. recommend

[bluethruandthru]

2. But, they're creating all those jobs....right? n/t

[KansDem]

3. Sure...overseas.

"Trickle down" was really "trickle over" as in "Give us tax breaks and our new-found sway will 'trickle over' to other countries."