Ctr 4 Tax Justice: 25% of tax compromise goes to top 1%; bottom 80% = 36.2%

[Hannah Bell]

Bottom 80% gets 36.2% of the cuts (see page 5 of the linked report, add the numbers)

Top 1% = folks making >$450K


http://www.ctj.org/pdf/taxcompromise2010.pdf

The compromise tax plan agreed to by President Obama and congressional Republicans would provide more than a quarter of its tax cuts to the best-off one percent of all Americans. That’s almost double the share of the tax cut that the President proposed to give the highest earners. At the same time, the new tax plan would reduce taxes, and increase the budget deficit, by $424 billion in 2011 alone. That’s 40 percent more in tax cuts than the President had earlier proposed.

Under the compromise plan:

# The wealthiest one percent would get an
average tax cut in 2011 of almost $77,000
compared to current law (under which all of
the tax cuts enacted since 2001 are scheduled
to expire).

That’s almost triple the $29,000 tax
cut that President Obama proposed to provide
to the top one percent.

# Meanwhile, the lowest-income fifth of all
taxpayers, those making less than $20,000 a
year, would get a smaller tax cut than the
President earlier proposed.

This is because the
2 percent, GOP-inspired, temporary reduction
in the payroll tax in the compromise plan1
offers low-income workers a considerably
smaller payroll tax reduction than the
President’s proposal to extend his “Making
Work Pay” payroll tax cut.

[mmonk]

1. Thanks for the information.

[midnight]

2. History will ask who were these people and why were they so damn greedy.

[Hannah Bell]

3. k