Tax Cuts for the Top 5 Percent Cost the Treasury $11.6 Million Every Hour
Remember when the deficit was the most important thing in the universe? Well, the National Priorities Project has a new site, Costoftaxcuts.Com, which tracks the revenues lost to those "temporary" high-end tax cuts that never quite expire.
From a press release:
A rolling counter depicts the amount of money lost to the U.S. Treasury as a result of tax cuts for the top 5% of U.S. wage earners -- $3.2 per millisecond. The site also features rolling counters for the top 1% and next 4% of households.
In total, the top 5% of wage earners live in 1.4 million households. They earn $477,453 per year, on average, and will receive an average tax cut of $66,384 in 2011. Conversely, the bottom 20% of wage earners will receive an average tax cut of $107 this year. The wealthiest 5% of Americans earn 33% of all U.S. income.
Between 2001 and the current projected end of the tax cut extension, tax cuts for the wealthiest 5% will cost the U.S. Treasury $1.184 trillion. If extended through 2021 as some lawmakers propose, the total cost will exceed $3.2 trillion.
www.costoftaxcuts.com also features a detailed look at the average income and tax cuts for the top 1% and the poorest 20%. Among the findings: the wealthiest 1% receive an average annual tax cut greater than the average income of the remaining 99% of U.S. households.