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Tuesday, May 09, 2006

House, Senate Conservatives Agree on $70 Billion In New Tax Cuts for the Rich

House and Senate conservatives just agreed to move forward on another budget-busting tax bill favoring the wealthiest Americans. The latest plan — announced today “after months of tense negotiations and slipped deadlines” — will spend $70 billion to extend the 15 percent tax rate for capital gains and dividends until 2010. The agreement “paves the way for House approval of the measure as early as Wednesday. The Senate could clear the bill for Bush’s desk by week’s end.”
 
According to a study by the Tax Policy Center, the tax cuts overwhelmingly benefit the richest Americans:
 
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.
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