Who benefits from reductions in personal income tax 01, 03 cuts?

[papau]

http://www.taxpolicycenter.org/TaxModel/tmdb/TMTemplate.cfm?Docid=565&DocTypeID=1
Marginal Tax Rates - Roll Back Top Two Individual Income Tax Rates - Distribution Tables by AGI - 2004

http://www.taxpolicycenter.org/TaxModel/tmdb/TMTemplate.cfm?Docid=569&DocTypeID=5

Marginal Tax Rates - Roll Back Top Two Individual Income Tax Rates - Revenue Tables - 2005

http://www.taxpolicycenter.org/TaxModel/tmdb/TMTemplate.cfm?Docid=570&DocTypeID=1

Marginal Tax Rates - Roll Back Top Two Individual Income Tax Rates - Distribution Tables by AGI - 2004

Who benefits from the reductions in the personal income tax contained in the 2001 and 2003 tax cuts? According to data from the Tax Policy Center, a joint initiative of the Brookings Institution and the Urban Institute, the reductions will be worth on average about 2.5 percent of income for all households in 2009 if the president gets his way and makes the tax cuts permanent.

The cuts, however, total 5.2 percent of income for households with adjusted gross income of $500,000 to $1 million and 6.2 percent of income for those households with adjusted gross income in excess of $1 million. How about the repeal of the estate tax? Fewer than one percent of estates pay any estate tax at all, and roughly two-thirds of the tax is paid by the wealthiest one percent of the income distribution.

Does the media care?

[swinney]

1. OmbWatch.org

great site on taxes and budgets.

www.ombwatch.org