Curious how well you'll do if the tax-cut bill becomes law as it looks like it will? This is from the New York Times and is based upon these tables from the non-partisan Tax Policy Center. If you are in the top one-tenth of one percent, you will get a fifth of the benefits. Lucky you:
Tax Benefits to the Rich and Patient, by David Cay Johnston, NY Times: As what may be the last major tax-cut bill from the Bush administration nears final approval in Congress, studies show that most of the benefits will flow to high-income Americans.
The Tax Policy Center, a nonprofit venture of the Urban Institute and the Brookings Institution, two policy and research groups in Washington, estimated yesterday that 80 percent of the tax savings would flow to the top 10 percent of taxpayers and that almost a fifth of the benefits will go to the top one-tenth of 1 percent. The official estimate of the bill's cost, on Monday, was $69 billion. But this assumed that the tax breaks would be in place for only a year or two. ...
Here's another piece from the tables, the change in the average federal tax rate due to the proposed legislation:
Income (Thousands) Change in Average
Federal Tax Rate
Less than 10 0.0 10-20 0.0 20-30 0.0 30-40 -0.1 40-50 -0.1 50-75 -0.2 75-100 -0.5 100-200 -1.0 200-500 -1.6 500-1,000 -0.8 More than 1,000 -1.4 All -0.7