Sunday, December 12, 2010

Tax Cuts For the Rich

The tax rate extension agreement between President Obama and the Republicans is being criticized as "tax cuts for the rich" by its detractors.

Here is the breakdown on where the money goes:

Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.

The bulk of that cost -- $463 billion -- is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.

The rest -- $81.5 billion -- is attributable to the extension of cuts that apply to the highest income families.

From CNN Money

That's $81.5B to the rich, and $463B to those making less than $250K.

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