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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.

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Trump + North Carolina News + Commentary
In dozens of vitally important areas, policy decisions of the Trump administration are dramatically affecting and altering the lives of North Carolinians. This growing collection of stories summarizes and critiques many of the most important decisions and their impacts.