As many of you scramble to get your taxes done before tomorrow's deadline, Citizens for Tax Justice, a Washington-based advocacy group, has released a new report showing just how much love the Bush administration has shown to the richest one percent of Americans... literally at the expense of the rest of us. Not that we didn't already know this, of course, but somehow seeing it all laid out in black and white brings it home all the more clearly.
According to the report, in 2010, when all of the Bush tax cuts will finally have taken effect, the richest one percent of American families—those earning $1.6 million annually—will receive, on average, a $92,000 tax cut. As a share of the population, these families will account for an estimated 53 percent of all tax relief, while the poorest 60 percent will be on the receiving end of just 12-15 percent of tax cuts.
Just what does it take to belong to the richest one percent? Money, of course, and lots of it. According to the report:
In 2008 the best-off one percent will have an estimated average income of almost $1.5 million each. Just to get into this elite group requires an income greater than $462,000. If all of that came from wages, then for single people it would take an average wage of $224 an hour to make it into the top one percent, and $722 an hour to become an average member.
For two-earner couples with both spouses working full time, it would take an average wage for each spouse of $112 an hour to get into the top one percent and $361 an hour each to be an average member of the top one percent.