The Universal Cure-All: Tax Cuts!
Robert Weissman writes on the Huffington Post:
Under the just passed Republican tax deal ...
If you make less than $10,000/year, you will save $0 in taxes annually.
If you make $10,000-20,000/year, you will save $3 in taxes annually.
If you make $20,000-30,000/year, you will save $10 in taxes annually.
If you make $30,000-$40,000/year, you will save $17 in taxes annually.
If you make $40,000-50,000/year, you will save $47 in taxes annually.
If you make $50,000-75,000/year, you will save $112 in taxes annually.
If you make $75,000-100,000/year, you will save $406 in taxes annually.
If you make $100,000-200,000/year, you will save $1,395 in taxes annually.
If you make $200,000-500,000/year, you will save $4,527 in taxes annually.
If you make $500,000-1 million/year, you will save $5,656 in taxes annually.
If you make more than $1million/year, you will save $42,766 in taxes annually.
Less than 3.5 percent of U.S. taxpayers fall into the category of making $200,000 a year or more.
So, this is a targeted tax cut -- at a $70 billion cost to the Treasury -- for less than THREE AND A HALF PERCENT of the population.
These figures are according to the Tax Policy Center.
4 Comments:
I'm sure me spending an extra ten bucks a year is gonna spark the economy... You know, I think I'm gonna earmark my ten bucks and donate it to the dems. They need it more than I do at this point.
I can't help but feel just a tad bitter about this.
Thanks for posting that. It really shows where the Republicans priorities are.
Yeah, and a lot of Democrats voted for it too -- it was part of a "package" that also provided some relief for middle-class taxpayers from the 'alternative minimum tax.' Tough choice - don't know how I would have voted.
Here's a prime example of why Democrats must take controll of the House and Senate: whichever party is in controll sets which bills and packages get voted on. I doubt that a Democraticly controlled congress would have even considered this package.
In my view, it doesn't matter who it benefits. The more important question is, how the heck is the chimp and the rest of the junta going to pay for all these grand war plans if they keep cutting taxes?
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