Showing Impact to New Jersey Residents of Ending Bush Tax Cuts for Richest 2% of Americans
Wealthy Few Would Still Reap Significant Tax Breaks
Highland Park, NJ – If the U.S. House of Representatives passes the Republican plan this week to extend the Bush-era tax cuts for one year for the richest 2 percent of households making over $250,000, the wealthiest 5 percent of New Jersey taxpayers in that income group could get a disproportionate 45.7 percent of the total tax breaks in their state. They’re average tax cut would be about $27,000.
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