A new report by a DC tax-policy research group spells out the ugly truth progressives already know: If you’re poor, don’t look to Dubya Bush and the Republican-led Congress for a boost. But if you’re one of the haves, you have friends in high places looking out for you and your bulging bank accounts. From the New York Times:
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.