Republican tax plan helps wealthy, slams Ark. poor | Arkansas Blog

Wednesday, August 1, 2012

Republican tax plan helps wealthy, slams Ark. poor

Posted By on Wed, Aug 1, 2012 at 10:56 AM

The House will vote yet again soon on the Republican plan to comfort the wealthy with tax cuts for the richest Americans. It's a foregone conclusion that Reps. Tim Griffin, Rick Crawford and Steve Womack will again side with the wealthy, rather than the Obama plan to give $250,000 tax breaks to everyone, but not continue the windfall breaks for people with taxable income above that amount.

AFSCME, the union for public employees, has distributed a report on the impact of the Republican plan.

It says 2 percent of Arkansas taxpayers would reap an average of $35,000 in benefit from the plan and account for 40 percent of the total tax break in the state. Summary of the comparison:

* 98 out of 100 Arkansans would get about the same tax cut under the Obama plan as they have up until now.

* 2 percent of Arkansans taxpayers have an average income of about $622,000.

* The other 98 percent of the state’s taxpayers make about $49,000 on average.

* The average tax cut for those making between $50,000 and $100,000 would be roughly the same under both the Obama and GOP plans: about $1,460 and 1,430 respectively.

* Arkansans making less than $25,000 a year would get an average tax cut from the Obama plan roughly two times larger than from the Republican plan: $330 from Obama, compared to $160

PS — The Democratic Congressional Campaign Committee focuses on the very few wealthy that Tim Griffin's vote will help in the 2nd District:

Congressman Tim Griffin (AR-02) is set to vote for another tax break for the 359 millionaires in his Congressional district at the expense of the middle class families according to a new Ways and Means Committee Report. The report found that Congressman Griffin’s plan would give an average $160,000 tax break to 359 millionaires of the 324,484 households in his district. While Congressman Griffin holds middle class families hostage in order to pass more tax cuts for millionaires, he has voted to drastically cut Medicare and raise costs for seniors by nearly $6,400.

And a nonpartisan study of the wealthy's windfall under a Romney tax plan is giving President Obama fuel to use in the presidential race.

Obama pointed to a new study by researchers at the Brookings Institution and Tax Policy Center, including former economic advisers to both Obama and President George W. Bush, that examined Romney’s plan. As the president noted, the report concluded that even if Romney financed his reforms by eliminating existing tax breaks for the wealthy first, the resulting changes would still raise taxes on the average American family making under $200,000 a year by $2,000 while cutting taxes for the average American household making $3 million or more by close to $250,000.

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