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Study: Extending Bush tax cuts would be boon for wealthy individuals
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| Contributor | Jason |
| Last Edited | Jason Aug 14, 2010 03:15am |
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| Category | Study |
| News Date | Saturday, August 14, 2010 09:00:00 AM UTC0:0 |
| Description | An analysis released this week by the Joint Committee on Taxation (JCT) shows millionaires will receive, on average, a $103,834 tax cut next year if Congress extends the breaks enacted by former President George W. Bush.
The sizable refund would affect 315,000 returns out of the 161 million taxpayers who file, according to the JCT.
Results from the committee prompted House Majority Leader Steny Hoyer (D-Md.) on Thursday to renew the vow by Democratic leaders only to extend the breaks benefiting individuals earning less than $200,000 per year and couples making less than $250,000.
"Democrats would stop the Bush tax increase on the middle class that Republicans scheduled to happen at the end of the year," he said in prepared remarks. "Instead, we would extend tax relief for the middle class." |
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