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Comparing Democratic and Republican tax plans. The Republicans’ plan to extend the Bush administration tax cuts for the wealthy would cost $36.6 billion more than the Democrats’ plan, which extends cuts only for families making less than $250,000 a year and individuals making less than $200,000.
(click to continue reading Comparing Democratic and Republican tax plans.)
Easy way to tell whose side each party is on, no? Republicans earnestly believe those downtrodden millionaires need more money, because somebody has to purchase all those luxuries…like Republicans in the House
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year — and transfer the bulk of that cash into the pockets of the nation’s millionaires, according to a congressional analysis released Wednesday.
GOP tax plan would add billions to deficit Comparing Democratic and Republican tax plans New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.
The analysis, requested by Democrats on the tax-writing House Ways and Means Committee, comes as debate heats up over tax cuts enacted during the Bush administration, most of which are scheduled to expire at the end of this year. Republicans want to extend all the cuts, which would cost the Treasury Department $238 billion in 2011, according to the taxation committee. President Obama and congressional Democrats have vowed to extend the cuts only for families making less than $250,000 a year and individuals making less than $200,000 — 98 percent of American taxpayers — in a plan that would add about $202 billion to next year’s deficit.
(click to continue reading GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds.)