National bankruptcy for a $20 tax cut (PDF)
The Nation: Matt Bivens: ‘49 percent of [U.S.] taxpayers will get $100 or less from the tax bill. For these 65.7 million unlucky taxpayers, the average tax reduction will be only $19.’ [→ READ ]
Despite misleading presidential rhetoric, almost half of all American taxpayers will get less than $100 this year and next from President Bush’s just-passed tax plan. In 2005, three-quarters of taxpayers will get less than $100, and in 2006 and later years almost nine out of ten will get less than $100.
A state-by-state analysis of the effects of the tax bill over the next four years by the Institute on Taxation and Economic Policy finds:
In 2003, 49 percent of taxpayers will get $100 or less from the tax bill. For these 65.7 million unlucky taxpayers, the average tax reduction will be only $19. …
And it gets no more beneficial in coming years.
[via The Daily Outrage in The Nation]
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