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Assuming the tax cut of $245 billion, what is the total amount of taxes paid by the families in the $200,000 and over income bracket before the tax cut? What is the total amount of taxes paid by families in the $20,000 to $30,000 income bracket before the tax cut?

Assuming the tax cut of $245 billion, what is the total amount of taxes paid by the families in the $200,000 and over income bracket before the tax cut? What is the total amount of taxes paid by families in the $20,000 to $30,000 income bracket before the tax cut?

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter30: Government Budgets And Fiscal Policy
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Assuming the tax cut of $245 billion, what is the total amount of taxes paid by
the families in the $200,000 and over income bracket before the tax cut? What
is the total amount of taxes paid by families in the $20,000 to $30,000 income
bracket before the tax cut?

Two graphs representing the 1995 tax cut, New York Times, April 7, 1995. ON THE OTHER HAND….. Two Views of a Tax Cut Republican Math: An Even Cut Across the Board How much taxes would fall for families in each group Source House Ways and Means Committee Democratic Math: A Select Few Get the Benefits SHARE OF TAX CUTS Share of tax cuts assigned to each income group Source Treasury Dept 2.3% 3.4% 0 to $10,000 $10,000 to $20,000 0.2% 1.3% 3.9% $20,000 to $30,000 0 to $10,000 $10,000 to $20,000 3.3% 4.3% 4.4% 4.4% $20,000 to $30,000 $30,000 to $40,000 11.6% $30,000 to $50,000 4.0% $40,000 to $50,000 $50,000 to $75,000 $75,000 to $100,000 16.4% $50,000 to $75,000 $200,000 and over $100,000 to $200,000 3.7% 15.2% $75,000 to $100,000 23.4% 3.7% 28.1% $200,000 and over $100,000 to $200,000
Transcribed Image Text:Two graphs representing the 1995 tax cut, New York Times, April 7, 1995. ON THE OTHER HAND….. Two Views of a Tax Cut Republican Math: An Even Cut Across the Board How much taxes would fall for families in each group Source House Ways and Means Committee Democratic Math: A Select Few Get the Benefits SHARE OF TAX CUTS Share of tax cuts assigned to each income group Source Treasury Dept 2.3% 3.4% 0 to $10,000 $10,000 to $20,000 0.2% 1.3% 3.9% $20,000 to $30,000 0 to $10,000 $10,000 to $20,000 3.3% 4.3% 4.4% 4.4% $20,000 to $30,000 $30,000 to $40,000 11.6% $30,000 to $50,000 4.0% $40,000 to $50,000 $50,000 to $75,000 $75,000 to $100,000 16.4% $50,000 to $75,000 $200,000 and over $100,000 to $200,000 3.7% 15.2% $75,000 to $100,000 23.4% 3.7% 28.1% $200,000 and over $100,000 to $200,000
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