emptystep
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- Jul 17, 2012
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Class war budgeting: Paul Ryan and House GOP want more money for the rich, less for the rest.
Ryan's plan starts, like all good GOP deficit reduction plans, with a giant tax cut. Specifically he wants to replace the current progressive rate structure with a two-rate structure10 percent and 25 percent. If you're currently an individual paying a 39.6 percent marginal tax rate on your income over $400,000 that's an enormous tax cut. If you're currently an individual paying a 25 percent marginal tax rate on your income of $70,000 a year you may wonder what's in it for you here. The answer is, most likely, higher taxes.