WASHINGTON,
D.C. – U.S. Representative Jan Schakowsky (D-IL) today said that an analysis
by a leading national newspaper found that the Bush tax cut is “skewed
to the wealthy.”
The
Washington Post published an article today on Page A6, which stated, “Under
Bush's original proposal, households with $ 40,000 to $ 50,000 in taxable
income would receive an average tax cut of $ 482 and a boost of 1.2 percent
to their total after-tax income. For households earning more than $ 1 million,
the average tax cut would be more than $ 89,500, with an increase in their
after-tax income of 4.2 percent, according to the Urban-Brookings Tax Policy
Center.”
The
article continued, “The $ 550 billion version that passed the House
last week is even more skewed. Those same middle-income households would
receive a tax cut of $ 452 and an income boost of 1.1 percent, while millionaires
would receive a cut of $ 93,537, enough to increase their after-tax income
by 4.4 percent. The more modest $ 350 billion tax cut that passed the Senate
Finance Committee last week would trim the average millionaire's tax cut
a bit, to $ 64,431. But it would also trim the middle class cut to $ 415.”
Democrats
have offered a plan to grow the economy and create one million jobs.
The plan would assist working families, extend unemployment insurance,
and help states facing a fiscal crisis meet growing needs in health care
and homeland security. |