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

North Carolina can afford smaller class sizes, but not with corporate tax cuts

The next wave of disruptions to children’s educational ...

Top Stories from NCPW

  • News
  • Commentary

Nothing is off the table when it comes to Republican judicial reform, and a former Wake County judge [...]

On a cozy autumn evening at the luxurious Umstead Hotel in Cary, a medley of corporate luminaries, s [...]

A fix for North Carolina’s class size crisis in March? A GOP senator from Wake County tells his cons [...]

Back in September, the N.C. Historical Commission put off a decision on removing three Confederate m [...]

It was a snowy and shortened work week for a lot of people in North Carolina, but unfortunately, tha [...]

Mounting student debt is a nagging problem for most families these days. As the cost of higher educa [...]

Latest racist attacks on immigrants could be an important tipping point As bleak as our national pol [...]

Grand constitutional questions in this country aren’t settled until the Supreme Court has its say, e [...]

Upcoming Events

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