January 7, 2003 05:20 PM | Permalink |
President Bush’s new, $674 billion tax cut plan would boost the size of his 2001 tax cuts by more than half over this decade, sending our country even deeper in debt and endangering important public programs, while doing little to stimulate the economy. A computer analysis of the effects of Bush’s new tax cut proposals shows:
- Despite some tax changes slightly lowering taxes on average families in the short run, three-fifths of Bush’s proposed tax reductions for this year would go to the best-off 10 percent of all taxpayers.
- The typical taxpayer would get a tax cut of $289 this year.
- In contrast, taxpayers in the top one percent of the income scale, whose average income exceeds $1 million, would get tax cuts this year of more than $30,000 each.
- By the end of the decade, more than half of the President’s proposed new tax reductions would go to the top one percent.