Reconciliation Tax Cuts Would Benefit Wealthy

The Center on Budget and Policy Priorities has come out with a new report called "Reconciliation Tax Cuts Would Average $42,000 for Households With Income Over $1 Million, But Only $20 For Middle-Income Households." I think the title about wraps it up, but here is a telling excerpt from the report anyway: 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 4 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. 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.
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