Majority Goes to Richest One Percent
Citizens for Tax Justice has released the latest data showing the cost and distribution of the Bush tax cuts enacted through 2006. The projected total cost of the tax cuts from 2001 through 2010 is either $2.4 trillion or $2.6 trillion, depending on whether or not Congress chooses to extend temporary higher exemptions from the Alternative Minimum Tax (AMT). The top one percent of taxpayers would receive 53 percent of the benefits of the tax breaks in 2010 under the President's budget proposal (which does not include extending AMT exemptions). Extending AMT relief through the end of the decade would cost an additional $278 billion.