New Tax Cuts in Ryan Budget Would Give Millionaires $265,000 on Top of Bush Tax Cuts

[Bill USA]

http://www.cbpp.org/cms/index.cfm?fa=view&id=3728

(all emphases are my own_ Bill USA)



Even as House Budget Committee Chairman Paul Ryan’s budget would impose trillions of dollars in spending cuts, 62 percent of which would come from low-income programs,[1] it would enact new tax cuts that would provide huge windfalls to households at the top of the income scale. New analysis by the Urban-Brookings Tax Policy Center (TPC) finds that people earning more than $1 million a year would receive $265,000 apiece in new tax cuts, on average, on top of the $129,000 they would receive from the Ryan budget’s extension of President Bush’s tax cuts.[2]

The new tax cuts at the top would dwarf those for middle-and lower-income families. After-tax incomes would rise by 12.5 percent among millionaires, but just 1.9 percent for middle-income households (see Figure 1 and footnote 6).

Chairman Ryan claims that his budget would fully offset the cost of his proposed tax cuts by closing tax expenditures (tax credits, deductions, and other preferences) for high-income households. But his budget contains no specific proposals to do so, and meeting this goal would be all but impossible, given that the Ryan budget rules out reducing the tax expenditure most heavily tilted to high-income households: the preferential rates for capital gains and dividends.[3]

By combining large budget cuts that disproportionately harm lower-income Americans with large tax cuts that disproportionately help those at the top of the income scale, the Ryan budget would significantly worsen inequality and increase poverty and hardship (and reduce opportunity as well, through deep cuts in programs such as Pell Grants to help low-income students afford college).

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[MichiganVote]

1. We are about to pay our taxes. We paid estimates last year. Honestly?

I can't afford to live in this country with the wealthy anymore. Its all too much.

So I guess the deal is, the middle class will have to leave the USA. We just can't make it here anymore.