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New Analysis of Bush Tax Cut Proposal
Posted By Alexandra Sirota On June 1, 2012 @ 2:44 pm In Uncategorized | Comments Disabled
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. 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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URL to article: http://pulse.ncpolicywatch.org/2012/06/01/new-analysis-of-bush-tax-cut-proposals/
URLs in this post:
 Center on Budget and Policy Priorities released a report : http://www.cbpp.org/cms/index.cfm?fa=view&id=3785
 Citizens for Tax Justice: http://ctj.org/ctjreports/2012/05/first_look_extending_the_bush_tax_cuts_for_income_up_to_1_million.php
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