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

Job announcements still fall short of 16,000 new jobs needed every month in N.C. to get back to pre-Recession levels

The North Carolina GOP released a press release ...

Top Stories from NCPW

  • News
  • Commentary

State Board of Elections & Ethics Enforcement refuses to disclose any details of probe into alle [...]

Senate favors form of merit selection for judges as alternative to House judicial redistricting bill [...]

North Carolinians hoping to find out who’s been funding Rep. Justin Burr’s crusade this legislative [...]

The SePro Corporation is receiving as much as $1.3 million in taxpayer money to chemically kill the [...]

In 1896, the U.S. Supreme Court infamously upheld the legality of racial segregation and “Jim Crow” [...]

900 million---amount in dollars of the cost of the tax cuts passed this year when they are fully in [...]

Mixed and confusing signals from NC GOPers on confederate monuments Senate President Pro Tem Phil Be [...]

Here is something you probably haven’t heard much lately, if at all, given the shocking news from Ch [...]

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