Saturday, October 15, 2011

Tax Cuts For Wealthy Americans Cost Treasury $11.6 Million Every Hour: Report

Tax Cuts For Wealthy Americans Cost Treasury $11.6 Million Every Hour: Report

Tax cuts for America’s top earners are costing everyone, every hour of every day, a new report from the National Priorities Project finds.

Tax cuts for the wealthiest five percent of Americans cost the U.S. Treasury $11.6 million every hour, according to the National Priorities Project. America’s top earners will get an average tax cut of $66,384 in 2011, while the bottom 20 percent will get an average cut of $107.

The report comes as party leaders wrangle over the best way to curb the nation’s budget deficit, protesters around the world demonstrate against income inequality and corporate greed and Republican presidential candidates offer their economic plans to voters.

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