Income / taxation inequality

High-income Connecticut residents would pay $125,380 less in taxes under the Congressional Republicans’ approach to extending the Bush tax cuts than they would under President Obama’s approach, while middle- and low-income Connecticut residents would pay somewhat more in taxes under the Congressional approach, according to a new analysis from the Institute on Taxation and Economic Policy and Citizens for Tax Justice. Under the Congressional Republicans’ approach, in 2013 the richest 1% would receive an average cut of $152,680, compared to a $27,300 cut under President Obama’s approach – a $125,380 difference. In President Obama’s proposal, the poorest 20% of Connecticut residents would receive an average tax cut of $150, compared to a cut of $100 under the Congressional Republicans’ approach.

Source: Connecticut Voices for Children, June 20, 2012, fed tax cuts