Under GOP Plan, Top Earners Would Get Tax Cut Bigger Than Most WI Families Earn in a Year
The GOP proposal to continue the Bush tax cuts for all income levels would give the highest earners in Wisconsin enormous tax cuts compared to the tax cuts they would receive under President Obama’s plan. For people earning over $500,000 a year, the difference would be nearly $61,000 on average, according to a report from Americans for Tax Fairness. That’s more money than the typical Wisconsin household earns in a year.
Compared to Obama’s plan, the GOP tax package passed by the House of Representatives would result in higher taxes for lowest-income taxpayers, and much lower taxes for the biggest earners. In Wisconsin, 25% of the total cut would go to people earning more than $500,000 – the top 0.6 percent of earners. Those very high earners would get only 8 percent of the total cut under Obama’s plan.
For more on how the two tax packages differ, check out these recent posts: “Wealthiest Wisconsinites Would Get Big Tax Breaks under GOP Proposal,” and “Obama, GOP Differ on More than Just Bush Tax Cuts.”