Taxpayers with income of more than $1 million for 2011 would still receive on average a tax cut of about $6,300 compared with what they would have paid under rates in effect until 2001, according to the analysis, which was prepared by the Joint Committee on Taxation at the request of the Democratic majority on the House Ways and Means Committee.
That compares, however, with the roughly $100,000 average tax cut that households with more than $1 million in income would receive under current rates.
Filers with taxable income of $500,000 to $1 million would still get on average a tax cut of $6,700 compared with pre-2001 rates, according to the data from the tax analysts. But that compares with roughly $17,500 if the top Bush tax rates were maintained.
Punching Stupid and Evil in the Face Since 1986!
"We are on strike, we the men of the mind. We are on strike against self-immolation. We are on strike against the creed of unearned rewards and unrewarded duties."-John Galt
Wednesday, August 11, 2010
The New York Times and the Huffington Post recently had articles discussing the soon to expire Bush tax cuts. They drone on and on about how the "rich" will benefit from the still low rates of the low and middle class taxes on that portion of their income that qualifies.