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Tennessee - Citizens for Tax Justice

Tennessee - Citizens for Tax Justice

Tennessee - Citizens for Tax

CTJ Citizens for Tax Justice June 20, 2012 Media contact: Anne Singer (202) 299-1066 x27 www.ctj.org Income Group Tennessee Taxpayers and the Bush Tax Cuts: President Obama’s Approach vs. Congressional GOP’s Approach (More information and national figures available at www.ctj.org/bushtaxcuts2012.php) New figures from the Institute on Taxation and Economic Policy (ITEP) show what Tennessee residents would pay under Congressional Republicans’ proposal to extend all the Bush tax cuts and President Obama’s more limited proposal to extend most, but not all, of the tax cuts. In 2013, taxes for the richest one percent of Tennessee residents would be cut by $60,580 on average under the Republican approach and by $18,150 on average under the President’s approach. In other words, the richest one percent in the state would pay $42,430 less under the GOP approach than under the President’s approach next year. The situation is the reverse for lower income groups. For example, in 2013 taxes for the poorest fifth of Tennessee residents would be cut by $70 on average under the Republican approach and by $250 on average under the President’s approach. In other words, the poorest fifth of the state’s residents would pay $180 more on average under the Republican approach than under the President’s approach. Richest 1% Next 4% Next 15% Fourth 20% Middle 20% Second 20% Poorest 20% $1,210 $1,210 $920 $1,030 $510 $680 $70 $250 $2,820 $2,830 $6,920 $6,390 Average Tax Cut in 2013 in Tennessee GOP Approach vs. Obama Approach $18,150 GOP Approach Obama Approach $60,580 Figures rounded to the nearest ten dollars. Source: Institute on Taxation and Economic Policy (ITEP) microsimulation model, June 2012

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