Stolen from the IRJCI (Institute for Rural Journalism and Community Issues) Blog.
Most rural families will receive less than $50 annually in a tax bill slated to be signed today by President Bush, according to a press release from the National Center for Food and Agricultural Policy.
The Tax Increase Prevention and Reconciliation Act of 2005 (H.R. 4297) is projected to provide a total of $70 billion in tax cuts to Americaâ€™s taxpayers. “Based upon an analysis by the Tax Policy Center, the primary beneficiaries of the legislation are higher income households and those who invest in the stock market. Median household income is twenty-five percent lower for non-metro families than for metro families (USDA Economic Research Service) and fewer rural residents than urban residents participate in a retirement plan (Bureau of Labor Statistics, March 2005),” states the release.
According to the Tax Policy Center, the annual average savings include:
$0 for income less than $10,000
$3 for $10,000-20,000
$10 for $20,000-30,000
$17 for $30,000-40,000
$47 for $40,000-50,000
$112 for $50,000-75,000
$406 for $75,000-100,000
$1,395 for $100,000-200,000
$4,527 for $200,000-500,000
$5,656 for $500,000-1,000,000
and $42,766 for more than $1 million.
There are lots of other interesting news items at IRJCI as usual.