Report: poor hit hardest if Bush tax cuts expire

A Tax Foundation report says that low-income workers stand to lose the most if lawmakers allow the Bush-era tax cuts to expire.

The report states that on Jan. 1 the doubling of the child tax credit, increased standard deductions and income credits and the creation of the 10 percent tax bracket — all of which primarily aimed at non-wealthy taxpayers — will vanish if gridlock persists in Washington.

While wealthier taxpayers pay more in taxes and stand to lose more money if the tax cuts expire, the impact on low-income taxpayers will be far greater because they live on slimmer margins.

More here.