Tax and Appropriations

Bearing the Economic Burden

Who would receive the greatest benefit under Republicans’ tax plan? Not low and middle-income Americans, according to a new analysis by Citizens for Tax Justice. According to their report, under the Republicans’ tax plan the poorest 20 percent of Americans would receive an average tax cut of $120 while the richest one percent would receive an average cut of $70,790. That’s not only a larger tax cut for the wealthy than for the middle class, but also a larger share of the total tax cut, all while adding $1 trillion more to the deficit.

From the CTJ analysis, cutting right to the chase:

Middle-income and low-income Americans would pay somewhat more in taxes under the Congressional Republicans’ approach to extending the Bush tax cuts than they would under President Obama’s approach, while high-income Americans would pay far less under the Republican approach.”