|Your Coming Tax Cut (or
The Bush tax cuts of 2001 and 2003 are
set to expire at the end of this year, and the
fight is on to renew some or all of them. Many
Democrats want to scrap future cuts for the
wealthiest taxpayers — individuals whose
income after deductions is more than $200,000
and couples at $250,000 or more. The Republican
leaders insist that all taxpayers should get
relief, even those in the highest income strata.
Wealthy Americans, they say, can use their tax
savings to create jobs.
In either case, the extensions would be
expensive: perhaps $2.7 trillion less for the
Treasury through 2020. Here is a guide to who
will get what if the cuts are extended, and who
got what from the last seven years of cuts,
according to an analysis by the Tax Policy
Center, a nonpartisan research organization.
- BILL MARSH