|
Monday, 15 May 2006 |
|
America's wealthiest taxpayers got another windfall this week as the House and Senate passed nearly $70 billion in additional tax cuts that economists say hurt middle class and low-income families and, by adding to the country's staggering debt, will cripple the economy in future years.
"There is little in this bill to be proud of," said Sen. Max Baucus (D-Mont.). "Working people have been left behind." The nonpartisan Tax Policy Center says people earning $1 million a year will save about $42,700 a year. People earning $40,000 to $50,000 a year will save just $47 on average. While ensuring the rich get richer, the bill cut or failed to extend various middle-income tax breaks, including a deduction for college tuition. |
