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Thu Mar 22, 2012, 08:54 PM

Analysis: House GOP Budget Gives $187,000 Tax Cut To Every Millionaire

http://thinkprogress.org/economy/2012/03/22/450392/ryan-budget-millionaires/

ThinkProgress reported Tuesday that the House Republican budget, authored by Budget Committee Chairman Paul Ryan (R-WI), would give away $3 trillion in tax breaks to corporations and the wealthiest Americans. Roughly $2 trillion of those breaks are aimed at the rich, thanks to the repeal of multiple taxes that primarily affect the rich and the dropping of the top marginal tax rate from 35 percent to 25 percent.

Ryan insisted those breaks won’t blow holes in the federal budget, first by claiming a level of revenue that borders on pure fantasy, and second by promising to close tax loopholes. Even in the unlikely scenario that the GOP managed to close every tax loophole available to the wealthy, each millionaire would pay an average of $187,000 less under Ryan’s plan than they would under current law (which assumes an end to the Bush tax cuts), according to a study from Citizens for Tax Justice:

While Rep. Ryan does not specify which tax provisions he would repeal, these calculations assume he would repeal all itemized deductions, all tax credits, the exclusion for employer-provided health insurance, and the deduction for health insurance for the self-employed.

Even under these assumptions, over 92 percent of these very high-income taxpayers would enjoy a net tax cut, and the average income tax change for these taxpayers would be a reduction of $187,000 in 2014.




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Arrow 8 replies Author Time Post
Reply Analysis: House GOP Budget Gives $187,000 Tax Cut To Every Millionaire (Original post)
cal04 Mar 2012 OP
valerief Mar 2012 #1
LetTimmySmoke Mar 2012 #2
Quantess Mar 2012 #3
Botany Mar 2012 #4
xtraxritical Mar 2012 #5
Quantess Mar 2012 #6
FarLeftFist Mar 2012 #7
Stan Smith Mar 2012 #8

Response to cal04 (Original post)

Thu Mar 22, 2012, 09:00 PM

1. Making rich people richer is the most important thing in the world, after all. nt

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Response to cal04 (Original post)

Thu Mar 22, 2012, 09:30 PM

2. Throws medicare patients on the roof of the car so the super rich can lean their seat back more.

 

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Response to cal04 (Original post)

Fri Mar 23, 2012, 07:17 AM

3. Cha - ching!

This is all that really matters to the elite handful who pull the strings. All the other stuff is a smokescreen.

It's just all about the filthy rich getting a continuous gravy shower of wealth, at everyone else's expense.

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Response to cal04 (Original post)

Fri Mar 23, 2012, 11:01 AM

4. If they didn't own the media almost no republicans* would ever win an election.



* except for in Oklahoma, Utah, Wyoming, and Idaho

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Response to Botany (Reply #4)

Fri Mar 23, 2012, 12:38 PM

5. Wow - what an excellent photo comparison! Too right on.

 

VOTE A STRAIGHT DEMOCRATIC TICKET enough with these criminals already!

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Response to Botany (Reply #4)

Fri Mar 23, 2012, 11:15 PM

6. It's him!

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Response to cal04 (Original post)

Fri Mar 23, 2012, 11:16 PM

7. It also cuts $11billion from veterans benefits.

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Response to cal04 (Original post)

Fri Mar 23, 2012, 11:26 PM

8. Just what we need more give aways for the rich.

The conservatives say they hate hand outs, but they seem to love to give the rich more money. I guess they only hate giving to the poor.

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