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Recently released by the Citizens for Tax Justice (CTJ) and the Children's Defense Fund, this study examines those who are most likely to benefit from the 2001-enacted Bush tax cuts in each year from 2001 through 2010. According to the report, by 2010, (if Bush's tax reductions are still in effect) 52% of the total tax cuts will go to the richest one percent of the American population. In other words, of the estimated $234 billion in tax cuts scheduled for the year 2010, $121 billion will go to those individuals with an income of $1.5 million and above. In contrast, the vast majority of American taxpayers have already received most of their tax cuts from the 2001 legislation. "As a result, freezing the Bush tax cuts at their 2002 levels would have little or no effect on 99 percent of the taxpayers, whose tax cuts are already mostly or completely 'frozen.'" Viewable in HTML or Adobe Acrobat (.pdf) format, this report is concise, easily readable, and requires no more than fifteen minutes of reading time.
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