The Detroit News: Tax cut expiration has broad impact: Middle class families would feel the pinch along with the rich

Posted on Mon, Aug 30, 2010 : 1:49 p.m.

The Detroit News reports that "there's good news and bad news" for those who have been ignoring the battle over prolonging Bush-era tax reductions "because it's just about ending 'tax cuts for rich people.'"

"The good news," according to the article, "Letting the tax cuts die would raise $3.7 trillion in the next decade for the U.S. Treasury."

"The bad news: You're one of the 'rich people.'"

According to the article, the cuts "have benefited just about anybody who pays income tax." including "the 32 million Americans smack in the middle of U.S. income groups, making an average of $50,000 a year before taxes."

Read the full article here.

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