December 2010 Archives



Compromise Tax Cut Plan Tilts Heavily in Favor of the Well-Off

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(Updated to include state-by-state figures)

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.

Read the report.

There seems to be a lot of confusion in the media and among the public about President Obama’s plan to let the Bush income tax cuts expire for joint incomes above $250,000 and single incomes above $200,000. Many people seem to think that couples and singles who make more than these amounts will lose all of their Bush tax cuts. This is not even slightly true.

Read the report.



CTJ's Statement on the Presidential Fiscal Commission's Plan

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The deficit-reduction plan taking shape before the President’s fiscal commission is seriously unbalanced. It relies on cuts in public services for two-thirds of the deficit reduction it strives for, while relying on increased revenues for only one-third. The plan makes bold proposals to close tax loopholes, but unfortunately uses most of the resulting revenue to lower tax rates!

Read the statement.




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