CHART: House GOP Budget Cuts Taxes For The Rich, Raises Taxes On The Poor
As ThinkProgress has detailed, the House Republican budget, authored by Budget Committee Chairman Paul Ryan (R-WI), pays for massive tax cuts for the wealthiest Americans by cutting spending from programs that primarily benefit lower-income Americans. While giving an average of $187,000 to each millionaire, the budget finds 62 percent of its cuts from programs that benefit the lower- and middle-classes, kicking millions off of food stamps, gutting Pell Grants, and slashing Medicare and Medicaid.
As if that werenít enough, according to a report from the Center on Budget and Policy Priorities, the budget also raises taxes for low-income Americans:
The Urban-Brookings Tax Policy Center has published new numbers that show the Ryan plan would raise taxes on low-income working families ó those making up to $30,000 a year. Thatís because, while he would extend the Bush tax cuts, which are due to expire at the end of this year, he would not extend President Obamaís tax cuts for those with the lowest incomes, which will expire at the same time. Our updated report gives the details.