New GOP bills would hand richest 1% over $28 billion in tax cuts next year

 

https://www.rawstory.com/new-gop-bills-would-hand-richest-1-over-28-billion-in-tax-cuts-next-year/

 

Jake Johnson, Common Dreams
June 12, 2023, 1:01 PM ET

Tax cut legislation that House Republicans are set to consider this week after pushing the global economy to the brink of disaster would deliver more than $28 billion to the richest 1% of Americans next year—and just $1.4 billion to the poorest fifth of the country.

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That's according to a new analysis of the legislation by the Institute on Taxation and Economic Policy (ITEP), which estimated Sunday that the poorest fifth of Americans would receive an average tax break of just $40 next year under the three new Republican bills, one of which is titled the Tax Cuts for Working Families Act.

By contrast, ITEP showed, people in the top 1% of the income distribution would see an average tax cut of $16,550 under the legislation.

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