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Most Americans Would Only Get $20 From Tax Cut
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Contributor | Guy |
Last Edited | Guy May 11, 2006 12:21pm |
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Category | Analysis |
News Date | Thursday, May 11, 2006 06:20:00 PM UTC0:0 |
Description | Middle-Income Americans Feeling Crunch With Rising Interest Rates
The Dow Jones is up, unemployment is down, and the economy is booming.
Middle-income Americans, however, may still feel the crunch — especially as interest rates rise. They'll see little help from the $70 billion tax cut the Senate is expected to pass.
The Tax Policy Center, a Washington think tank, discovered that the top 0.1 percent of taxpayers — the people who make more than $1.8 million — would get back $82,000. Middle-income Americans making between $27,000 and $47,000 would get $20.
"This is another series of tax cuts for rich people. The vast majority of the benefits goes to people earning over a hundred thousand dollars a year," said Len Burman, director of the Tax Policy Center. |
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