Ten Percent Across the Board Tax Cut Debate
Debates and Polls
For Debates and Polls
On All Topics
This is a fair way to reduce everybody's tax burden. The tax rate will be cut by ten percent at every level. Republican's say their program will Save $1,000 for a family with taxable income of $55,700 a year.
Citizens for Tax Justice, a non-partisan, non-profit group that favors fairer tax policies, found:
For taxpayers making less than $38,000, a group that includes 60 percent of all taxpayers, the average tax cut under the proposal would be $99 a year.
For the one percent of taxpayers making more than $301,000, the average tax cut would be $20,697 annually.
The analysis also shows that 62% of the proposed tax cuts would go to the RICHEST tenth of all taxpayers.
The reason the Republican's and the CTJ numbers seem different is the Republicans are counting on you not noticing the key phrase "taxable income". This is what you made minus all your deductions. To figure out what you would save, just take 10% of what you paid in federal tax last year. If you paid $5,000 you would save $500.
Proposed ten percent income tax rate cut would cost more than a trillion dollars over the next decade.