Saturday, May 20, 2006

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.

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.
But this part is news to me.
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.
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Blogger His Honor the Mayor said...

When I first heard about these tax cuts, I was wondering why they would do something so unpopular to most Americans when the Republicans are hurting so badly running up to mid-term elections.

Then I remembered that those in the upper income tax brackets are on average more likely to vote, and that the Rove team figures that they are going to need to remind them of why the rich need to show up on election day this November. This is especially true when the religious conservatives are threatening to stay home in November, because they don't feel W. is doing enough to make abortion and equal rights for homosexuals illegal.

Most of those who don't show up to vote are those in the lower tax brackets. If we can somehow increase this nation's pathetic turnout percentage I am sure that more Democrats would be elected.

3:19:00 PM  
Anonymous Libby said...

The tax breaks are the payback for all the political donations I think. But not to worry, they're getting ready to go great guns on pandering to the fundies. You got your marriage amendment on the table already. I figure they'll be resurrecting the flag amendment any day now.

I can't wait for November. I hope the whole gang of thugs get thrown out.

5:36:00 PM  

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