Citizens for Tax Justice has updated its reports on the competing approaches to the Bush tax cuts to reflect the differences between S. 3773, the proposal introduced by Senate Republican Leader Mitch McConnell to make the Bush tax cuts permanent, and President Obama's proposal to make them permanent for all but the richest 2 percent of taxpayers.
CTJ has also, for the first time, added tables showing the percentage of taxpayers in each Congressional district who are rich enough to lose some portion of the Bush tax cuts under Obama's plan. The tables also show the percentage of taxpayers in each district who have adjusted gross income in excess of $1 million. About 80 percent of the revenue savings from Obama's plan would come from these taxpayers.
In case you don't have time to wade through all of these tables and figures, we'll give you the bottom line right now. In every Congressional district, only a small minority of taxpayers are rich enough to lose some portion of the Bush tax cuts under Obama's plan. The figure is less than 2% for a large majority of districts. It's over 5% in just 30 districts out of 436. Of course, the percentage of millionaires in each district is much smaller.