Sen. Patty Murray (D-WA), who co-chaired the super committee, explained that the major sticking point during negotiations with the GOP was what to do with the Bush tax cuts. With that in mind, the National Priorities Project points out that those tax cuts this year will give the richest 1 percent of Americans a bigger tax cut than the other 99 percent will receive in average income:
The average Bush tax cut in 2011 for a taxpayer in the richest one percent is greater than the average income of the other 99 percent ($66,384 compared to $58,506).
Looks like I'm in the bottom half of the 99%. NOt surprising, because I'm still quite young. Hopefully the 1% will keep taking a disproportionate share of US income, and you and I can get poorer together and then everything will be fine.
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