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    To the Honorable Rahm Emanuel..., 2004-10-03 12:18:56 | Main | first time they've met..., 2004-10-05 21:56:24

    'middle class tax-cut bills':

    approved by just about everybody in congress, signed by Bush today:

    The combined impact of all the new tax provisions has not yet been precisely calculated. But one preliminary study by the Center on Budget and Policy Priorities (CBPP), a well-established domestic policy think tank, found that households in the middle fifth of the income spectrum would receive an average tax cut of $169 in 2005. Households in the top fifth would get an average tax cut of $1,196, while households with incomes between $200,000 and $500,000 would receive an average of $2,172. Lower-income families will gain virtually nothing from the new law.

    In terms of total benefits received, households in the top 10 percent will receive 44 percent of the additional income in 2005. Households in the top 20 percent will receive 68 percent of the additional income, while households in the middle 20 percent of households will receive only 10 percent of the total. As the CBPP noted ironically, this is “a peculiar outcome for a ‘middle-class’ tax-cut bill.”


:: posted by buermann @ 2004-10-04 14:13:28 CST | link





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