Wed Jun 20, 2012, 03:55 PM
Bill USA (6,130 posts)
Study: House Republican Budget Would Raise Taxes On The Middle Class, Cut Them For Millionaires
According to a study prepared by the congressional Joint Economic Committee and verified by independent experts, the House Republican budget authored by Budget Committee Chairman Paul Ryan (R-WI) would raise taxes on families making less than $200,000, even while it gives millionaires a tax cut:
So although households earning $100,000 to $200,000 a year would save about $7,000 from the lower tax rates in the GOP plan, those savings would be swamped by eliminating major deductions, according to the report by the Democratically controlled congressional Joint Economic Committee.
The net result: Married couples in that income range would pay an additional $2,700 annually to the Internal Revenue Service, on top of the tax increases that are scheduled to hit every American household when the George W. Bush-era cuts expire at the end of the year.
Households earning more than $1 million a year, meanwhile, could see a net tax cut of about $300,000 annually.
“Ryan seems to want to have his cake and eat it, too, and this report shows that you can’t,” added Sen. Charles E. Schumer (D-NY). “If you want to cut taxes on the rich and not raise the deficit, you’re going to have to basically clobber the middle class.”
According to the non-partisan Tax Policy Center, the Republican budget would also slam those making less than $30,000 per year, because it doesn’t extend some of the tax cuts for low-income Americans that President Obama has signed into law:
Center on Budget and Policy Priorities study
Joint Economic (Senate) Committee report: Winners and Losers: Understanding the Ryan Plan’s Potential Tax
Implications for America’s Workers
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Study: House Republican Budget Would Raise Taxes On The Middle Class, Cut Them For Millionaires (Original post)
|Bill USA||Jun 2012||OP|
|Blue Owl||Jun 2012||#3|
Response to Bill USA (Original post)
Wed Jun 20, 2012, 04:37 PM
SoutherDem (2,306 posts)
4. One would think this would be all over the airwaves
It is common sense, to realize you can't cut taxes and not cut programs or increase the deficit.
But is it is the news? No.