Speaker of the House John Boehner (R-OH) is forging ahead with his plan to vote on his so-called “Plan B,” a bill that would extend the Bush tax cuts on income up to $1 million. Boehner is calling the bill a “net tax cut,” but as ThinkProgress noted yesterday, it will raise taxes on millions of middle-class families by letting several key tax credits lapse.
According to an analysis by the Tax Policy Center, nearly fifty percent of Americans in the richest 1 percent would see a tax cut under Boehner’s bill, while almost one-quarter of Americans in the lowest income quintile will see their taxes go up by an average of $934, compared to current policy, as this table shows:
Boehner’s plan would raise just 15 percent of the revenue of Obama’s campaign proposal to allow the Bush tax cuts to expire on income in excess of $250,000. 50 percent of the revenue loss would benefit those with incomes above $1 million. (HT: Greg Sargent)