Rachel had an interesting bit last night on the difference between the Bush Tax Cuts and proposed Obama tax plan. Both do have cuts across the economic spectrum but one group in particular benefits to an enormous degree by keeping the Bush tax cuts in place, which are set to expire at the end of 2010. Can you guess which group? Yes, and benefiting that group adds $36 billion to the tune of next year's deficit.
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.
New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.
Graph courtesy Ezra Klein. Full story from the Washington Post.
Entire segment with Austan Goolsbee, a member of the President's Economic Recovery Advisory Board.