CBPP: Why Passing the “Middle-Class” Tax Cuts Benefits the Wealthy, Too (w/chart)
Why Passing the Middle-Class Tax Cuts Benefits the Wealthy, Too
President Obama today clarified an important, and often misunderstood, point: the so-called middle-class Bush tax cuts also benefit high-income people. So, if the House were to approve the Senate-passed bill to extend the middle-class tax cuts (as the President favors), that would prevent any tax hike whatsoever on the first $250,000 of everybodys income, he said at his press conference.
Thats because the middle-class tax cuts do not just apply to people
making less than $250,000 but to
incomes for everybody up to $250,000 ($200,000 for singles).
In fact, as this chart based on Urban-Brookings Tax Policy Center data shows, extending the middle-class tax cuts would be worth about $12,000 next year to people making between $200,000 and $500,000.
http://www.offthechartsblog.org/why-passing-the-middle-class-tax-cuts-benefits-the-wealthy-too/
If that's not acceptable, let them all expire.
A mandate on ending tax cuts for the rich, 60 percent of Americans agree:
http://elections.msnbc.msn.com/ns/politics/2012/all/president/#exitPoll