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May 31, 2012

Economy: Economic News, Policy & Analysis - The Washington Post: What a millionaire’s tax costs the government, in one graph

Economy: Economic News, Policy & Analysis - The Washington Post
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What a millionaire's tax costs the government, in one graph
May 31st 2012, 13:40

Liberals were upset when Nancy Pelosi demanded tax breaks for everyone with incomes under $1 million, arguing that the threshold should be $250,000 instead. Now they have more ammunition from the Center for Budget and Policy Priorities. If the cutoff for tax breaks is $1 million instead of $250,000, Pelosi's proposal would lose the government $366 billion in lost revenue over the next 10 years, the CBPP points out in a new report, citing new figures from the non-partisan Joint Committee on Taxation:

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