GOP Approach to Bush Tax Cuts Would Give Richest 1% of Wisconsinites $38,380 Per Year More and Poorest 20% $130 Less on Average than Obama’s Approach

June 20, 2012

Federal tax cuts enacted in 2001 and 2003 are scheduled to expire at the end of 2012, and lawmakers must decide how much of that tax cutting the nation can afford to continue, and how the extended tax cuts will be distributed.

Competing plans have been offered by President Obama and Congressional Republicans, and both proposals would extend most of the so-called “Bush tax cuts.” Although wealthy taxpayers are the primary beneficiaries of either plan, a new analysis released today by the Institute on Taxation and Economic Policy (ITEP) and Citizens for Tax Justice (CTJ) finds that the GOP plan would give high- income Wisconsinites a much larger share of tax cuts than the President’s proposal, and would add $1 trillion more to the national debt over the next ten years. Read full press release.