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Effects of the House Ways & Means “Stimulus” Tax Bill, October 12, 2001
(Calendar 2002 effects at 2002 income levels)   ADDENDUM:
Income Group Income Range Average Income Individual tax cuts ($-bill.) Corporate tax cuts ($-bill.) Total tax cuts ($-bill.) Average total tax cuts % of total tax cut Rebate extension (2001 only) Average rebate, 2001 only
Lowest 20% Less than $15,000 $ 9,600 $ –0.0 $ –0.6 $ –0.6 $ –21 0.7% $ –5.8 $ –220
Second 20% $15,000–28,000 21,500 –0.0 –1.7 –1.8 –67 2.1% –4.9 –185
Middle 20% $28,000–46,000 35,900 –0.4 –3.4 –3.8 –146 4.5% –2.5 –94
Fourth 20% $46,000–75,000 58,800 –3.0 –5.7 –8.7 –329 10.1% –0.5 –21
Next 15% $75,000–153,000 101,000 –10.6 –8.6 –19.2 –974 22.4% –0.0 –2
Next 4% $153,000–384,000 217,000 –7.0 –9.5 –16.5 –3,130 19.2% –0.0 –2
Top 1% $384,000 or more 1,137,000 –8.3 –26.8 –35.1 –26,689 41.0% –0.0 –2
ALL   $ 60,500 $ –29.3 $ –56.4 $ –85.7 $ –647 100.0% $ –13.7 $ –104
ADDENDUM  
Bottom 60% Less than $46,000 $ 22,300 $ –0.4 $ –5.7 $ –6.2 $ –78 7.2% $ –13.1 $ –166
Top 10% $108,000 or more 263,000 –20.9 –40.5 –61.4 –4,672 71.6% –0.0 –2
Figures are based on the “modified Chairman's amendment in the nature of a substitute to H.R. 3090,” Oct. 12, 2001,and do not yet include any amendments made thereafter, if any. Effects of the one-shot 2001 extended rebates are shown separately since they do not affect taxes in 2002 or thereafter.
Source: Institute on Taxation and Economic Policy Tax Model, PRELIMINARY.
Citizens for Tax Justice, Oct. 12, 2001
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