Paul Ryan: Giving Money To The Rich
House GOP Budget
Would Give Millionaires A $200,000 Tax Cut
The latest House
Republican budget would grant taxpayers with incomes above $1 million at least
$200,000 in tax cuts even if the GOP closes tax loopholes to help pay for the
plan, according to analysis from Citizens for Tax Justice. The GOP plan,
authored by Budget Committee Chairman Paul Ryan (R-WI), aims to reduce the top
income tax rate to 25 percent and repeals many other taxes on the rich,
including the Alternative Minimum Tax and increases included in Obamacare. Ryan
wants to pay for the tax cut by closing loopholes and ending tax expenditures.
The budget didn’t specify which loopholes and expenditures would be eliminated,
but even if all of them that benefit the rich were done away with (except for
preferences for capital gains and other investments, which Ryan has said he
will keep), the budget would grant millionaires a tax cut in excess of
$200,000. If it doesn’t eliminate loopholes, the tax cut would only grow
larger, CTJ found:In fact, under Ryan’s plan taxpayers with income exceeding $1
million in 2014 would receive an average net tax decrease of over $200,000 that
year even if they had to give up all of their tax expenditures. These taxpayers
would see an even larger net tax decrease if Congress failed to limit or
eliminate enough tax expenditures to offset the costs of the proposed tax cuts. -Read more on ThinkProgress.org