Learn more about individual taxes, corporate taxes, and the Republican plan to end Medicare and hand out billions in tax cuts to the nation’s wealthiest.
Individual Taxes
- People who earn more than $1 million a year get an average tax break of $160,000 from the Bush-era tax cuts, while people making about $50,000 a year get an average tax break of about $1,000. [The National Economic Council, The President's Proposal to Extend the Middle Class Tax Cuts, Page 5, July 2012; Urban-Brookings Tax Policy Center, Individual Income and Estate Tax Provisions in the 2001-10 Tax Cuts, Table T11-0209, 07/05/11]
Corporate Taxes
- More than two dozen big corporations paid no federal income taxes in the last four years, including GE and Verizon. [Citizens for Tax Justice, Big No-Tax Corps Just Keep on Dodging, 04/09/12]
Republican Budget
- Republicans in Congress recently passed a tax plan that would cut by 30 percent both the corporate income tax rate and the top tax rate paid by the wealthiest Americans. [Center on Budget and Policy Priorities, Ryan Budget’s Claim to Finance its Tax Cuts for the Wealthy By Curbing Their Tax Breaks Does Not Withstand Scrutiny, 03/22/12]
