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Publication Date: September 2004
Publisher: Center on Budget and Policy Priorities (Washington, D.C.)
Author(s): Robert Greenstein
Research Area: Banking and finance
Keywords: Tax code; Economic projections; Income diversity; Economic inequality
Type: Other
Abstract:
The “middle-class†tax-cut legislation that the House and Senate approved last night reflects an exercise in cynicism unusual even for Washington, D.C. Its “middle-class†label cloaks several significant deficiencies. For example, the legislation benefits high-income households considerably more than the middle class, and even though the bill emerged out of dormant legislation designed to help low-income working families, the revised legislation treats these families unfavorably.