Kent Conrad: “I conclude by saying not only is this plan ineffective in terms of giving lift to the economy and irresponsible in terms…”

“I conclude by saying not only is this plan ineffective in terms of giving lift to the economy and irresponsible in terms of the exploding deficits and debt, but it is also unfair. It is unfair because it overwhelmingly gives the greatest benefit to the wealthiest among us. The effect of this plan on people earning over $1 million in 2003 is this: They will get a $64,000 tax cut on average. That is for those earning incomes of over $1 million. Those who are in the middle of the wage distribution in our country will get a tax cut of $233. We heard earlier that this thing has tremendous benefits to the elderly. Well, it certainly does. It has tremendous benefits to those who are wealthy who are elderly. Elderly earning more than $500,000 a year would get a $24,000 tax break.”