Uncategorized

New Analysis of Bush Tax Cut Proposal

The Center on Budget and Policy Priorities released a report yesterday on House Minority Leader Pelosi’s proposal to extend the Bush tax cuts for all those earning less than $1 million.  Among their findings is that the proposal will reduce available revenue by $366 billion or nearly half than the lower threshold of $250,000 that has been discussed.  Moreover, as the Citizens for Tax Justice found last week, the benefits of this proposal will overwhelmingly go to millionaires.

From the report:

Extending tax cuts for high-income people also is a poor way to support the economic recovery.  An economy in a recession or the early stages of recovery needs more spending, not more saving.[2]   But research shows that high-income taxpayers save, rather than spend, a greater share of any tax cut they receive than low- and moderate-income households.

Check Also

Failed tax-cut experiment hurts NC – don’t let it hurt the country

Senator Thom Tillis is trying to sell national ...

Top Stories from NCPW

  • News
  • Commentary

The 2011 state legislative maps – which have been used in three separate election cycles and six sta [...]

When the N.C. Senate elected Tom Fetzer to the UNC Board of Governors in March, it was widely seen a [...]

The 12 minutes spent on the phone with Duke Energy customer service shed no light on how — or if — c [...]

Crumbling ceilings. Failing air conditioning and heating systems. Broken down school buses. Mold inf [...]

When I began exercising regularly, I had a decision to make. Was I going to keep buying inexpensive [...]

The post ‘Phuming Phil’ appeared first on NC Policy Watch. [...]

5---number of years since the Deferred Action for Childhood Arrivals program (DACA) was created by P [...]

Last week, the General Assembly announced which legislators will serve on the Joint Legislative Task [...]

Featured | Special Projects

NC Budget 2017
The maze of the NC Budget is complex. Follow the stories to follow the money.
Read more


NC Redistricting 2017
New map, new districts, new lawmakers. Here’s what you need to know about gerrymandering in NC.
Read more