25 July 2006

When We Say "Ownership Society", We Mean....

According to "Reconciliation Tax Cuts Would Average $43,000 for Households with Income Over $1 Million, Revised 5/11/06", by the Center for Budget and Policy Priorities:

The owners:

About 87 percent of the benefits of the reconciliation conference agreement would flow to the 14 percent of households with incomes above $100,000, and 55 percent of the benefits would go to the 3 percent with incomes above $200,000. Households earning more than $1 million a year, which represent only 0.2 percent of all households, would receive 22 percent of the benefits of these tax cuts.

The owned:

In contrast, the three-quarters of households with incomes below $75,000 would receive just 5 percent of the benefits. The 60 percent of households with incomes below $50,000 would receive less than 2 percent of all benefits. In total, 68 percent of all households would receive no benefits whatsoever from the tax-cut package.

Questions?

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