History of IDEA
Jeannie Oakes, Founder and Former Director
Youth Voice in School Finance
NEW REPORT: Los Angeles' road to A-G for all
Without Dollars and Sense Powerpoint
Past Educational Opportunity Reports
The $20.5 billion rich-people’s tax-cut windfall
- 01-03-2011
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By Peter Schrag/California Progress Report
According the best numbers available, the Obama-GOP tax deal that Congress approved earlier this month will save the wealthiest 148,000 Californians – those in the top one percent in income, who make an average of $1,775,000 a year – an average of $95,000 each. The numbers come from new data compiled by the liberal Washington-based Citizens for Tax Justice and the 2008 tax statistics of the California Franchise Tax Board, the most recent available. Combined, they show that California’s richest taxpayers will be saving about $14 billion annually. The next wealthiest 4 percent, with an average income of $310,000, will save another $6.5 billion. All told, about 740,000 California taxpayers fall into those two rarefied regions. Together, that amounts to some 75 percent of California’s projected budget deficit for this year and next. As Sacramento scrabbles to get out of its budget deficits, those are numbers worth considering. (more…)
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