Monday, January 09, 2006

What's another $2.6 billion?

January not only rings in a new year, it brings new tax cuts for the wealthiest Americans. The two tax cuts this year will cost $2.6 billion to implement. But hey, when you've already stacked up $317 billion for a deficit, what's another $2.6 billion right?

Citizens for Tax Justice, a tax fairness watchdog group in Washington D.C., breaks out some stats on just who gets these two new tax cuts:

- In 2006, 97 percent of the tax cuts would go to the wealthiest 1 percent of Americans. The share going to the top 1 percent would rise slightly thereafter.
- More than 99 percent of Americans would receive nothing at all from these new tax cuts in 2006.
And just how wealthy are we talking about? The average salary of the those in the top 1% income group make an average of $1.2 million.

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