April 18, 2002 05:26 PM | Permalink |
More than half of the Bush tax cuts enacted last year that are scheduled to take effect after 2002 will go to the best-off one percent of all taxpayers. In contrast, for four out of five Americans, most of the tax cuts have already taken effect this year.
The future tax cuts, if implemented, will be worth an average of $44,800 a year to the wealthiest one percent when fully in place. For the bottom 60 percent, the corresponding average tax cut figure is $95 a year.
“Every American has a major stake in whether the Bush tax cuts continue to be phased in,” said Citizens for Tax Justice director Robert S. McIntyre. “For the very rich, hundreds of thousands of dollars in tax reductions over the upcoming decade hang in the balance. For the vast majority of us, continuing to phase in the Bush tax plan will provide little tax relief, but will entail large costs—including higher interest rates, reduced government services and a bleaker future for Social Security.”