The administration and most of the mainstream press are billing the tax package passed by Congress yesterday as a "middle class tax-cut." The reality is that the new law is more of the same: tax cuts that benefit the rich and, in many cases, exclude the neediest families.
An analysis from the Urban Institute-Brookings Tax Policy Center shows that the middle 20 percent of earners "will receive an average tax cut of $162 in 2005 from this legislation." The top fifth of earners, however, "will get an average tax cut of $1,317." As a result, the top fifth will receive two-thirds of all benefits.
The bill excluded a provision that would have extended the child tax credit to four million low-income families who currently don't qualify.[5] Extending eligibility to these families would have cost $4 billion. Meanwhile, conservatives included $12 billion in tax cuts for corporations.
An analysis from the Urban Institute-Brookings Tax Policy Center shows that the middle 20 percent of earners "will receive an average tax cut of $162 in 2005 from this legislation." The top fifth of earners, however, "will get an average tax cut of $1,317." As a result, the top fifth will receive two-thirds of all benefits.
The bill excluded a provision that would have extended the child tax credit to four million low-income families who currently don't qualify.[5] Extending eligibility to these families would have cost $4 billion. Meanwhile, conservatives included $12 billion in tax cuts for corporations.
I don't know what you're going to do with your $162 next year, but , woo-hoo! Go out and party. You just got two months' cable TV, while some poor schmuck (undoubtedly undeserving, poor schmuck) is working two jobs so he can pay for his kid's fillings, because his insurance - if he has insurance - sure as hell doesn't cover dental care. And...
...but hey, do what you want...you will anyway.
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