On Sunday, during an appearance on ABC’s This Week, Senate Minority Leader Mitch McConnell (R-KY) proposed cutting the 25 percent tax bracket to 15 percent as part of an economic recovery, a move which he claims would cut taxes for “the middle class”:
But Republicans, by and large, think tax relief is a great way to get money to people immediately. A possibility would be to take a look at the 25 percent rate currently applied to the middle class, lower it to 15 percent.
While McConnell’s proposal would provide some limited ‘immediate’ relief, his cut would disproportionately benefit the super rich, not middle class Americans.
A new analysis from the Tax Policy Center finds that this tax change would lower taxes by less than $400 for average middle-class Americans, give a $4,000 tax break to those making over $2.8 million a year, and do nothing for households making less than $40,000.
For households with children the benefits are even more uneven. Families making less than $70,000 a year would see their taxes go down by an average of just $21 and those making between $70,000 and $140,000 would get even less. Households making over $600,000 with children, however, would get an average tax cut of $3,600.
While McConnell and the conservatives would like to dress this up as middle class relief, it’s really just another giveaway for the mega-rich.