Dick Tuck
Board Troll
- Aug 29, 2009
- 8,511
- 505
- 48
Yeah, the GOP cares about the middle class. Another case of them sucker punching their supporters.
Middle class could face higher taxes under Republican plan, analysis finds
Middle class could face higher taxes under Republican plan, analysis finds
The tax reform plan that House Republicans have advanced would sharply cut taxes for the wealthiest Americans and could leave middle-class households facing much larger tax bills, according to a new analysis set to be released Wednesday.
The report, prepared by Senate Democrats and reviewed by nonpartisan tax experts, marks the first attempt to quantify the trade-offs inherent in the GOP tax package, which would replace the current tax structure with two brackets 25 percent and 10 percent and cut the top rate from 35 percent.
Those changes would benefit virtually every taxpayer, but they also would reduce federal tax collections by about $4.5 trillion over the next decade, according to the nonpartisan Tax Policy Center. To avoid increasing the national debt by that amount, GOP leaders such as House Budget Committee Chairman Paul Ryan (Wis.) have pledged to get rid of all the special-interest loopholes and tax shelters that litter the code.
Republicans have declined to identify their targets. However, some of the biggest loopholes on the books are popular tax breaks for employer-provided health insurance, mortgage interest, state and local taxes, and retirement savings, which disproportionately benefit the upper middle class.
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