Give me a break
From Taylor Marsh, a new wrinkle on the tax breaks that I wasn't aware of. This part we knew.
The tax cut bill that Senate and House leaders have generally agreed upon is expected to save Americans at the center of the income distribution an average of $20 each, according to estimates by the Tax Policy Center, a nonprofit research organization in Washington.But this part is news to me.
The top tenth of 1 percent, whose average income is $5.3 million, would save an average of $82,415. Those in the top group would see their tax bill cut 4.8 percent, while Americans at the center of the income distribution -- the middle fifth of taxpayers, who will earn an average of $36,000 this year -- could expect a 0.4 percent reduction in their tax bill, or about $20.
Those who make less than $75,000 -- which includes about 75 percent of all taxpayers -- would save, at most, $110 each. Those making more than $1 million would save, on average, almost $42,000.
First things first for Republicans: get those tax cuts out to the top 1%. As for the middle class tax breaks due to expire, Republicans and Bush say "trust me." I don't. Besides, the second bill for the middle class needs a "super majority," or 60 votes to pass. The first bill, which Bush just signed, had fast track status, meaning there could be no filibuster, no stopping it. So, with Republicans controlling Congress, it's anything but a slam dunk that the middle class will get any break at all.I thought it was all in one package. It looks to me like chances are good that the middle class won't even see that twenty bucks.