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Joint Tax Committee: Raising Threshold for Bush Tax Cuts from $250,000 to $1 Million Would Lose $366 Billion — Nearly Half the Revenue

House Minority Leader Nancy Pelosi’s proposal to extend President Bush’s income tax cuts for households making up to $1 million a year would lose nearly half of the revenue that President Obama’s proposal to extend the tax cuts only for households making up to $250,000 would raise, according to new estimates from Congress’ Joint Committee on Taxation (JCT).