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Monday, August 13, 2012

Paul Ryan: Giving Money To The Rich

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