May 06, 2006
Surprise, Surprise

Hubert Humphrey used to say that the GOP’s (and Dubya’s) golden economic oldie — the trickle-down theory of economics — meant that if you fed the horses enough oats, eventually the sparrows would have something to eat too. In this case, a $20 bill:

The tax cut bill that Senate and House leaders have generally agreed upon is expected to save Americans at the center of the income distribution an average of $20 each, according to estimates by the Tax Policy Center, a nonprofit research organization in Washington.

The top tenth of 1 percent, whose average income is $5.3 million, would save an average of $82,415. Those in the top group would see their tax bill cut 4.8 percent, while Americans at the center of the income distribution — the middle fifth of taxpayers, who will earn an average of $36,000 this year — could expect a 0.4 percent reduction in their tax bill, or about $20.

Those who make less than $75,000 — which includes about 75 percent of all taxpayers — would save, at most, $110 each. Those making more than $1 million would save, on average, almost $42,000.



Posted by Jerome Doolittle at May 06, 2006 11:16 AM
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