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Tuesday, April 18, 2006

Warning: Tax Cuts for Rich Harm Nation's Health - by Holly Sklar

Did you get a $1 million dollar cut in your taxes?
 
Taxpayers with incomes above $10 million saved $1 million on average on their 2003 taxes, according to the latest available IRS data, thanks to tax changes under President Bush. Tax breaks will be bigger this year.
 
It would take about 29 years for a full-time worker to make a million bucks at today's average hourly wage, which is falling behind inflation.
 
Taxpayers with incomes above $10 million "paid about the same share of their income in income taxes as those making $200,000 to $500,000 because of the lowered rates on investment income," reports tax expert David Cay Johnston. At the state and local level, low-income taxpayers pay a greater share of their income in taxes than wealthy taxpayers.
 
Taxpayers with incomes less than $50,000 -- the great majority of taxpayers -- saved an average $435 in 2003. It would take 2,300 years to match a million-dollar tax cut.
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