Sending a one-time $500 prosperity dividend to every legal permanent resident of the United States would do far more than George W. Bush’s tax plan to provide an immediate boost to the economy and promote our nation’s long term economic health.
No one disagrees that the overwhelming beneficiaries of Bush’s tax plan would be the wealthiest Americans. In fact, 45% of the benefit would go to the wealthiest 1%, and 72% would go to the wealthiest 20%.
A better alternative is the Economic Policy Institute’s proposal to send a one-time $500 dividend to all permanent US residents. Families earning less than about $200,000 annually would realize far more with the prosperity dividend than under Bush’s plan.
A single parent with two children earning $21,000 would receive no benefit during the first year of Bush’s plan, but a $1,500 dividend. A married couple with two children earning $70,000 would get a $410 tax savings in the first year under Bush’s plan, but a $2,000 dividend. A couple with one child and an annual income of $216,000 would receive about the same amount under the two plans. Only the very wealthiest Americans, like President Bush himself, would do better under his plan.
More To Read
March 24, 2023
Women’s Labor is Women’s History
To understand women's history, we must learn the role of women - and especially women of color - in the labor movement
March 24, 2023
Victory! Washington Takes a Critical Step Towards Balancing our Tax Code
Washington state supreme court upholds the capital gains tax
February 15, 2023
Podcast: Getting to Lower Health Care Costs in Washington
EOI's Sam Hatzenbeler joins Washington's Indivisible Podcast to discuss our state's health care costs crisis and what the legislature can do to solve it