John Sarbanes: “If I understand this chart, if you are in the top 1 percent of the wealthiest Americans, under the President's proposal…”

“If I understand this chart, if you are in the top 1 percent of the wealthiest Americans, under the President's proposal you would receive a tax cut that would equal the income--not the tax cut--of approximately six earners in the lowest 20 percent of the income scale. In other words, the people in that income scale have an average income of about $9,000 year, as I understand the chart. They would get a tax cut of $66 a year. They get $9,000 in total income, while the upper 1 percent will get a tax cut just shy of $54,000. The tax cut alone is equal to the earnings of six people in the bottom 20 percent of the income scale. Is that correct?”