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Over the Last Nine Years, Bush Tax Cuts Have Delivered $1 Million in Tax Breaks to the Average Millionaire
Think Progress / News Analysis
Published: Saturday 4 August 2012
“The Bush tax cuts delivered the weakest job growth of the post-war period, as well as a ballooning federal debt.”
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. A new analysis shows that the Republican plan will raise taxes on roughly 24 million people — due to its allowing various credits, including the Child Tax Credit, to expire — while maintaining Bush’s tax cut for two million wealthy Americans.
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:
– If one adds up the average tax cuts that households with incomes between $200,000 and $500,000 received in each of the last nine years, the total exceeds $74,000.
– The sum of the average annual tax cuts delivered to households with incomes between $500,000 and $1 million exceeds $189,000 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.” Not only have Republicans decided that continuing these tax cuts is the better part of wisdom, but House Republicans have written legislation to fast-track more tax cuts for the rich.
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ABOUT Pat Garofalo
Pat Garofalo is Economic Policy Editor for ThinkProgress.org at the Center for American Progress Action Fund. Pat’s work has also appeared in The Nation, U.S. News & World Report, The Guardian, the Washington Examiner, and In These Times. He has been a guest on MSNBC and Al-Jazeera television, as well as many radio shows. Pat graduated from Brandeis University, where he was the editor-in-chief of The Brandeis Hoot, Brandeis’ community newspaper, and worked for the International Center for Ethics, Justice, and Public Life.
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By Ronnie Cummins
8 comments on "Over the Last Nine Years, Bush Tax Cuts Have Delivered $1 Million in Tax Breaks to the Average Millionaire"
August 06, 2012 1:10pm
If you ain’t got money and you defend more tax cut for the Romney-likes, someone’s walking their rods in your mouth and you ain’t even feelin’ it.
August 05, 2012 12:51pm
So, where are all the jobs these tax cuts are suppose to produce (?) ...corporate profits are up, executive pay got another 35% increase so they could buy another vacation home in Florida (for another tax break if 2012 Amend 4 is passed allowing property tax breaks for 2nd home buyers). Top Heavy Corporate America has increased the cost of living on the middle class via ov erpaid executives and reduced workforces to accomodate their lifestyle & profit margins to stockholders...it's time to cut from the top & recycle those $$$ into creating jobs for Americans with better pay & benefits.
August 05, 2012 4:30am
Raise the tax rate to 90% for the wealthy again. Stop the senseless subsidies to the immensely profitable corporations. Considering the illegal actions of ALEC, republicans, and corporations place the oil industry under government control. See how fast America can afford gas again. Impeach Roberts, Thomas, Scalia and overturn citizens united. No more bought elections. Doing all this would only be small payback for the harm done to America by these traitors. Everyone will be in the street with no wages, no jobs, no services, no health care, no education, etc, if we continue to let this go on without action.
August 04, 2012 9:33pm
republicans like Bush have bancrupted our country to give tax cuts to the rich
& then say we need to cut welfare, social security & medicare to cut the deficit.
republicans are selfish & hurt our country .
August 04, 2012 7:08pm
What are grounds for impeachment? The rethugnants MUST have crossed those lines, many times.
It's waaay past time for WE, the PEOPLE to stand up and DEMAND there be an investigation and charges brought against "them", those that would destroy America to keep their cushy jobs and steal/help big business steal WE the PEOPLE blind(er).
August 04, 2012 2:59pm
interesting - the attack on women's healthcare .-. two wars without funding -.- illegal rendions -.- secret overseas prisons -.- TORTURE -.- GITMO....being appointed to the presidency. . . WHY MAY I ASK WHY THERE . . . HASN'T THERE BEEN ONE WORD FROM ANY REPUBLICAN ???
WALL STREET GUARANTEED FOREIGN INVESTORS THEIR MONEY BEFORE AMERICAN'S GOT ONE CENT.....A GREAT DEAL ( AMOUNT )
OF THE 787 BILLION DOLLAR BAILOUT WENT TO EUROPE'S BANKS.......DIVERATIVES ???? .... BUNDLED MORTGAGES. . .
DUH.....JON CORAINE LOST TWO BILLION DOLLARS (global crossing???)
MORGAN STANLEY LOST OVER EIGHT BILLION DOLLARS
HEY WHAT THE HELL THE PEOPLE LOST TRILLIONS AND OUR GOVERNMENT LAUGHES....NO JOBS...NO HEALTHCARE....CUT EDUCATION..ELECTION COMING -.- BAFFLE THEM WITH BULL4567...THEY REALLY ARE STUPID.... THEY RE-ELECT THEIVES LIKE RANGEL
August 04, 2012 11:47am
Simple arithmetic -- reducing taxes on the richest 400 Americans who have it and who own most of the wealth and have most of the income can't be offset by raising taxes on the poor and middle classes because they don't have it.
Broadening the tax base is a phony issue to allow rethugs to continue "starving the beast" to destroy government which keeps them, their GREED, and their Selfishness in check.
August 04, 2012 11:47am
Simple arithmetic -- reducing taxes on the richest 400 Americans who have it and who own most of the wealth and have most of the income can't be offset by raising taxes on the poor and middle classes because they don't have it.
Broadening the tax base is a phony issue to allow rethugs to continue "starving the beast" to destroy government which keeps them, their GREED, and their Selfishness in check.