It's be humorous watching the fringe-right sheep fall for this one today, but it's time to start setting you straight.
John Boehner's Fiscal Cliff Plan Is Back-Door Tax Cut For Wealthy: Report
John Boehner's Fiscal Cliff Plan Is Back-Door Tax Cut For Wealthy: Report
Under Boehner's so-called "Plan B," the average family in the top 0.1 percent of cash incomes would get a tax cut of $212,506, while the median-income family would take home a tax cut of just $2,012, in comparison to tax changes scheduled for Jan. 1, the Tax Policy Center found. The average family in the bottom fifth of the income distribution would benefit the least with a tax cut of only $66.
Boehner has most recently proposed extending the Bush tax cuts on incomes up to $1 million. But that means millionaires would still get a tax cut on their first $1 million of income, so they would receive the most money under Boehner's plan.
Boehner's proposal would be a boon for the rich in terms of tax rates, too. Households making $500,000 to $1 million per year would get the biggest federal tax rate cut, while families making the least money would get the smallest tax rate cut. In addition, all income groups making less than $100,000 per year would get a smaller tax rate cut on average than families making more than $1 million per year.