[big campaign] RE: STATEMENT: McConnell's Tax Cut Gives 10 Times More To Mega-Rich Than To Middle Class Families

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Three more posts: the first two give our take on the Chamber's plan, and the third knocks Club for Growth. Chamber Of Commerce's Stimulus: Cut Corporate Taxes, Prevent Employee Free Choice<http://wonkroom.thinkprogress.org/2009/01/07/chamber-stimulus/> http://wonkroom.thinkprogress.org/2009/01/07/chamber-stimulus/ Chamber Of Commerce Claims Global Warming Regulations Would 'Strangle The Economy'<http://wonkroom.thinkprogress.org/2009/01/07/chamber-strangle-economy/> http://wonkroom.thinkprogress.org/2009/01/07/chamber-strangle-economy/ Club For Growth: Obama Should 'Embrace A Stimulus Bill' That Cuts Taxes For the Wealthy And Corporations<http://wonkroom.thinkprogress.org/2009/01/05/club-tax-cuts/> http://wonkroom.thinkprogress.org/2009/01/05/club-tax-cuts/ ________________________________ From: [email protected] [mailto:[email protected]] On Behalf Of Adam Jentleson Sent: Wednesday, January 07, 2009 2:10 PM To: big campaign Subject: [big campaign] FW: STATEMENT: McConnell's Tax Cut Gives 10 Times More To Mega-Rich Than To Middle Class Families This week, the Chamber, Club for Growth and McConnell all put out proposals for fixing the economy that centered around more big tax cuts for the very rich and big corporations. We think this is a great opportunity to pile on and show how conservatives are still chasing the same bad ideas that got us here in the first place. -Adam ________________________________ From: Center for American Progress Action Fund [mailto:[email protected]] Sent: Wednesday, January 07, 2009 1:36 PM To: Jason Rahlan Subject: STATEMENT: McConnell's Tax Cut Gives 10 Times More To Mega-Rich Than To Middle Class Families [http://images1.americanprogress.org/il80web20037/cap/capaf_horizon_web.jpg]<http://www.americanprogressaction.org/> For Immediate Release January 7, 2009 Contact Adam Jentleson, 202.481.8156 [email protected]<mailto:[email protected]> McConnell's 'Middle Class' Tax Cut Gives 10 Times More To Mega-Rich Than To Middle Class Families WASHINGTON, DC-Today, CAPAF Senior Fellow James Kvaal<http://www.americanprogressaction.org/aboutus/staff/KvaalJames.html> released the following statement on conservative proposals to fix our economy through tax cuts for the very wealthy: "Earlier today, the Congressional Budget Office projected that the deficit would hit $1.2 trillion this year while the economy will shrink. The sobering analysis underlines the urgent need for economic recovery legislation and the importance of getting it right. "But while the year is brand new, the conservative agenda is the same old, tired one. According to proposals released this week, Senator McConnell, the Chamber of Commerce, and the Club for Growth have made it clear that they want big tax cuts for corporations and the richest Americans, no matter the hour or season. "Tax cuts alongside investments in clean energy, health care, and education can strengthen our economy and create jobs. But skewing those cuts to benefit the wealthiest Americans is not smart policy. Tax cuts for low-income Americans will not only serve as a lifeline for the most vulnerable families, they will also do the most good for the economy. Struggling families are most likely to spend tax relief rather than save it, generating economic activity." Today, the Wonk Room published the following post on Sen. McConnell's proposal: McConnell's 'Middle Class' Tax Cut Gives 10 Times More To Mega-Rich Than To Middle Class Families<http://wonkroom.thinkprogress.org/2009/01/07/mcconnell-middle-class/> [http://wonkroom.thinkprogress.org/wp-content/uploads/2009/01/mcconnells-middle-class-tax-cut.gif]On Sunday, during an appearance on ABC's This Week, Senate Minority Leader Mitch McConnell proposed<http://www.politico.com/news/stories/0109/17079.html> 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"<http://abcnews.go.com/ThisWeek/Story?id=6573506&page=4>: 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<http://www.taxpolicycenter.org/numbers/displayatab.cfm?DocID=2048&topic2ID=40&topic3ID=90&DocTypeID=2> 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<http://www.taxpolicycenter.org/numbers/Content/PDF/T09-0003.pdf> 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<http://www.taxpolicycenter.org/numbers/Content/PDF/T09-0003.pdf>. 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. ### The Center for American Progress Action Fund<http://www.americanprogressaction.org/> is the sister advocacy organization of the Center for American Progress<http://www.americanprogress.org/>. The Action Fund transforms progressive ideas into policy through rapid response communications, legislative action, grassroots organizing and advocacy, and partnerships with other progressive leaders throughout the country and the world. The Action Fund is also the home of the Progress Report. If you would rather not receive future email messages from Center for American Progress Action Fund, let us know by clicking here.<http://vocuspr.vocus.com/VocusPR30/OptOut.aspx?513917x24389x0x1x0x24000x6> Center for American Progress Action Fund, 1333 H St. NW, Washington, DC 20005-4707 United States --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the "big campaign" group. To post to this group, send to [email protected] To unsubscribe, send email to [email protected] E-mail [email protected] with questions or concerns This is a list of individuals. It is not affiliated with any group or organization. -~----------~----~----~----~------~----~------~--~---