Tax cuts for America’s top earners are costing everyone, every hour of every day, a new report from the National Priorities Project finds.
Tax cuts for the wealthiest five percent of Americanscost the U.S. Treasury $11.6 million every hour, according to the National Priorities Project. America’s top earners will get an average tax cut of $66,384 in 2011, while the bottom 20 percent will get an average cut of $107.
The report comes as party leaders wrangle over the best way to curb the nation’s budget deficit,protesters around the world demonstrate against income inequality and corporate greed and Republican presidential candidates offer their economic plans to voters. Former pizza company CEO and Republican presidential candidate, Herman Cain, has been getting lots of attention in recent weeks for “999 Plan” which would cap the corporate, income and sales tax rates at 9 percent.