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Federal taxes would be lower for the richest ten percent, and higher for all other income groups, than they would be if President Obama’s proposals were enacted
The bottom 80 percent of taxpayers would pay about $1,700 more, on average, than they would if President Obama’s proposals were enacted.
The richest one percent would pay about $211,300 less on average than they would if President Obama’s proposals were enacted.
The poorest 20 percent would pay 12.3 percent of their income more than what they
would pay under the President’s proposal, while the richest one percent would pay 15
percent of their income less than they would pay under the President’s proposal.
Congressman Ryan would repeal the federal estate tax, which affects only the very largest
estates (less than one percent of estates, in recent years). He would also repeal the corporate
income tax and replace it with an 8.5 percent “business consumption tax,” the same thing as a
value-added tax (VAT).
Retail businesses would collect the full VAT from consumers, so it would have the same
regressive effects as a sales tax. Low- and middle-income families spend most or all of their
income on consumption, since they have little or no money left to save after paying for basic
necessities. High-income families are able to save much more of their income. This means that
if Congress enacts a tax that applies only to consumption (like a VAT or national sales tax), it
would eat up a much larger percentage of total income for poor and middle-class families than
for wealthy families.
He made this Absurd Assertion with Leo Gerard of the United Steelworkers at around 10:40ish AM MST this Morning...
Did I Miss the GOP Targeting those who make $20-200K a Year for New Tax Increases?...
peace...
To give you an idea of how his own network feels about Schultzie boy....They gave his time slot to a nobody who would fill in for Ed from time to time and moved Ed to 10 PM....What a loser.
To give you an idea of how his own network feels about Schultzie boy....They gave his time slot to a nobody who would fill in for Ed from time to time and moved Ed to 10 PM....What a loser.
I believe he means they want to 'flatten' the tax base.
If you work,,, and that's a big IF since the unemployment is over 9% and you get employer subsidized health care those subsidies will now count as part of your salary and you will be taxed,, that is supposing you pay any Federal Income Tax at all.. now which Republicans are responsible for this??
The only thing I can think he's referring to is Paul Ryan's plan that Eric Cantor endorsed on To Meet the Press yesterday.
Citizens for Tax Justice ran the numbers for his plan awhile back.
http://ctj.org/pdf/ryanplan2010.pdf
Federal taxes would be lower for the richest ten percent, and higher for all other income groups, than they would be if President Obamas proposals were enacted
The bottom 80 percent of taxpayers would pay about $1,700 more, on average, than they would if President Obamas proposals were enacted.
The richest one percent would pay about $211,300 less on average than they would if President Obamas proposals were enacted.
The poorest 20 percent would pay 12.3 percent of their income more than what they
would pay under the Presidents proposal, while the richest one percent would pay 15
percent of their income less than they would pay under the Presidents proposal.
Congressman Ryan would repeal the federal estate tax, which affects only the very largest
estates (less than one percent of estates, in recent years). He would also repeal the corporate
income tax and replace it with an 8.5 percent business consumption tax, the same thing as a
value-added tax (VAT).
Retail businesses would collect the full VAT from consumers, so it would have the same
regressive effects as a sales tax. Low- and middle-income families spend most or all of their
income on consumption, since they have little or no money left to save after paying for basic
necessities. High-income families are able to save much more of their income. This means that
if Congress enacts a tax that applies only to consumption (like a VAT or national sales tax), it
would eat up a much larger percentage of total income for poor and middle-class families than
for wealthy families.
