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.



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