Now that the Bush tax cuts have been extended, we can all feel better about the wealthy getting hit with an extra $60,000 per year tax bill. NOT!
If you look at the numbers before and after the original Bush tax cuts, a whole different story emerges…
The original Bush Tax cuts gave working families a $2000 tax break. They also reduced taxes for millionaires by over $600,000.
Over the last ten years, while the erosion of earnings for a $50,000 salary has virtually balanced out their tax cut, millionaires have made a cool 6 million dollars.
There are several interesting graphs at an article in The Atlantic. The first thing you realize is that the sequestration cuts are nothing compared to the tax Armageddon.
Sequestration needs only $65 billion to kick the can down the road while the whole fiscal cliff debacle will take close to $500 billion to extend for one year. We’re already running an annual deficit of $1 trillion.
Now that the tax cliff has been “avoided” you can see, relatively speaking, how much more money the wealthiest Americans are getting. Virtually the entire fiscal cliff “tax breaks” go to the rich.
Happy now, are we?
