Surprise! Senate tax cuts favor the rich
The N.C. Budget and Tax Center will be releasing a full analysis of the Senate’s tax cut package next week, but, not surprisingly, the unfairness of the plan is already evident in preliminary findings.
According to their initial estimates, the average annual income tax cut for people in bottom quintile (i.e. the lowest 20% of incomes) will be $5. That’s right, five big ones baby! Let’s grab a six pack of Schlitz and party!
Middle income folks will see a cut of a whopping $46 – enough to buy most of a tank of gas.
And the wealthiest 1% of North Carolinians? Well, not that they’ll probably notice it either, but the Senate income tax cuts alone will provide them with a cool $1,830 per year — enough to buy some of the lower priced jewelry at Newt and Callista Gingrich’s favorite store.
By the way, the final “incidence” figures will almost certainly be even worse once the BTC gets to adding in the cuts to business taxes in the Senate package.