Tax cuts benefitting wealthy–surely a mistake?!
The Center for Budget and Policy Priorities says that
RECONCILIATION TAX CUTS WOULD AVERAGE $42,000 FOR HOUSEHOLDS WITH INCOME OVER $1 MILLION, BUT ONLY $20 FOR MIDDLE-INCOME HOUSEHOLDS
This new analysis examines the major provisions expected to be in the tax-cut package reportedly agreed to by House and Senate leaders. The report features new data from the Tax Policy Center which finds that 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.
http://www.cbpp.org/5-4-06tax.htm
http://www.cbpp.org/5-4-06tax.pdf 2pp.