Paul Ryan's proposed tax plan: 1%-ers would receive 99.6% of the phased cuts by 2025

[Miles Archer]

Since the outcome of the presidential election remains in doubt, Paul Ryan doesn’t yet know if, come November, he will be working hand in glove with the incoming Republican president or delivering a heartfelt speech about how he never agreed with Donald Trump in the first place. In the meantime, he is promoting his domestic plan, “A Better Way,” which simultaneously serves both functions. If Trump wins, Ryan can use the plan to support his case that Trump should rubber-stamp his bills; if he loses, Ryan can use it to distance himself from the wreckage. Ryan is promoting his plan as an antidote to “anger” and “division”:

Ryan’s agenda includes the normal conservative priorities: deregulation of the financial industry and fossil fuels, repeal of the Affordable Care Act’s cost reforms and coverage expansions, increased military budgets, and deep cuts in spending for poor people. As always, the plan’s centerpiece is a massive, debt-financed tax cut that disproportionately accrues to the very rich. What’s new and different is just how disproportionate it is.

A typical Republican tax cut will give about 40 percent of its tax cuts to the richest one percent. Ryan’s plan, according to a new analysis by the Tax Policy Center, will give three-quarters of its tax cuts to the richest one percent in the first year. And that’s only because the cuts are slowly phased in. By 2025, the highest-earning one percent will enjoy 99.6 percent of the tax cuts. The remaining 0.4 percent will be divided up among the other 99 percent of the country. The new Paul Ryan tax cuts make the Bush tax cuts look like socialism.

http://nymag.com/daily/intelligencer/2016/09/paul-ryan-decides-to-give-rich-people-all-of-the-tax-cuts.html

http://nymag.com/daily/intelligencer/2016/09/paul-ryan-decides-to-give-rich-people-all-of-the-tax-cuts.html

[Egnever]

1. amazing that these tools get away with this year after year.

[hibbing]

2. and plenty of Democrats will vote for them n/t

[muriel_volestrangler]

3. And this is just what would happen in 2017:

Three-quarters of the tax cuts would benefit the top 1 percent of taxpayers and the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2015 dollars) would experience anaverage tax cut of about $1.3 million, 16.9percent of after-tax income. Households in the middle fifth of the income distribution would receive an average tax cut of almost $260, or 0.5 percent of after-tax income, while the poorest fifth of households would see their taxes go down an average of about $50, or 0.4 percent oftheir after-tax income.

http://www.taxpolicycenter.org/publications/analysis-house-gop-tax-plan/full

But 2025, we have that 99.6% figure. That is, if Ryan hasn't just sold the 99% into literal slavery. Or there's been some sort of uprising at the most outrageous budget anyone has ever proposed.

[smirkymonkey]

4. How the eff do they get away with this crap?

Are people in this country really that stupid? I always hear lower-middle and middle class Americans say they vote republican because their taxes are too high and the republicans are going to come to their rescue and give them a windfall. When have they ever done anything of the sort? They only care about the 1% and they could give a damn about the rest of us.