GOP Tax Plan Leaves the Middle Class Behind
May 10, 2006
Earlier this week, Bloomberg News reported that Bush Republicans in Congress, worried about their prospects this November, were moving ahead with plans to extend tax breaks for the wealthy and Wall Street, "at the expense of reductions for middle-income households." As planned, today Congressional Republicans moved to extend nearly $70 billion in tax cuts, including lowered taxes on dividends and most capital gains. [Bloomberg News, 5/8/06 and 5/10/06]
In comparison, middle class families would receive a meager benefit from these cuts. According to the non-partisan Tax Policy Center, the GOP's "middle-income households would receive an average tax cut of $20 from the agreement." [Washington Post, 5/10/06]
"Once again, from gas prices to prescription drugs and cuts to financial aid for students, Bush Republicans in Congress put the special interests ahead of the needs of America's working families," said Democratic National Committee Press Secretary Stacie Paxton. "President Bush's failed fiscal policies have had little benefit for America's working families while piling billions in debt onto the backs of our children and grandchildren. Democrats remain committed to reducing the deficit and middle class tax fairness."
