House Republicans this week plan to vote on a bill that would extend all of the Bush tax cuts, including those on income in excess of $250,000....
The Bush tax cuts delivered the weakest job growth of the post-war period, as well as a ballooning federal debt. And according to a new report from the Center for Budget and Policy Priorities, the price tag of that weak growth was more than $1 million in tax breaks for the average millionaire over the last nine years:
- The sum of the average annual tax cuts delivered to households with incomes over $1 million in each of the last nine years exceeds $1.1 million. The average tax cut these individuals received was more than $110,000 in each of these years.
- As the CBPP put it, “these figures illuminate the priorities reflected in the Bush tax cuts at a time when income inequality has already grown markedly and the nation faces unsustainable budget deficits after the economy recovers.”
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