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The Skewed Benefits of the Tax Cuts: With the Tax Cuts Extended, Top 1 Percent of Households Would Receive More Than $1.2 Trillion in Tax Benefits over the Next Decade

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Publication Date: March 2008

Publisher(s): Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Aviva Aron-Dine

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Economic projections; Tax code; Economic inequality; Income diversity

Type: Report

Abstract:

Under current law, nearly all provisions of the 2001 and 2003 tax cuts are scheduled to expire at the end of 2010. The President's budget calls for making these tax cuts permanent.

The enacted tax cuts and their extension carry a high cost. This raises the question: how would the large sums involved be distributed among different income groups?