Here's what the Tax Policy Center has to say about Ryan's Budget.
The Tax Policy Center is a non partisan tax think tank. From Wiki:
In 2002, tax experts who had served in the Ronald Reagan, George H.W. Bush, and Bill Clinton administrations established the Tax Policy Center to provide unbiased analysis of tax issues. The following year TPC developed a comprehensive tax simulation model to analyze the federal income tax and proposals to change it. That model has evolved to incorporate new and additional data, changes in federal tax law, and other aspects of the tax system and the economy
Tax Policy Center - Wikipedia, the free encyclopedia
Paul Ryan’s Budget Plan: More Big Tax Cuts for the Rich
No surprise here, but the tax cuts in Paul Ryan’s 2013 budget plan would result in huge benefits for high-income people and very modest—or no— benefits for low income working households, according to a new analysis by the Tax Policy Center.
TPC looked only at the tax reductions in Ryan’s plan, which also included offsetting–but unidentified–cuts in tax credits, exclusions, and deductions. TPC found that in 2015, relative to today’s tax system, those making $1 million or more would enjoy an average tax cut of $265,000 and see their after-tax income increase by 12.5 percent. By contrast, half of those making between $20,000 and $30,000 would get no tax cut at all. On average, people in that income group would get a tax reduction of $129. Ryan would raise their after-tax income by 0.5 percent.
Nearly all middle-income households (those making between $50,000 and $75,000) would see their taxes fall, by an average of roughly $1,000. Ryan would increase their after-tax income by about 2 percent.
Ryan would extend all of the 2001/2003 tax cuts, and then consolidate individual rates to just two—10 and 25 percent. In addition, he’d repeal the Alternative Minimum Tax, reduce the corporate rate from 35 percent to 25 percent, and kill the tax provisions of the 2010 health reform law.
Earlier this week, TPC projected the tax cuts in Ryan’s budget would add $4.6 trillion to the federal deficit over the next decade, even after extending the 2001/2003 tax cuts, which would add another $5.4 trillion to the deficit.
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So in the end;
* We get an additional 4.6 trillion dollars added to the deficit;
**The millionaires would see an additional 12.5 increase in their income after the Ryan tax reductions while the middle class would only see a 2% increase in their income after Ryan's tax cuts. The working poor would see of only a half percent increase in their income after the cuts.
Ever since the 80's the working middle class has been spinning it's wheels when it comes to wage growth after inflation. Since the recession started in December of 2007, the middle class has loss wealth that is a long ways to ever being recovered. Their share of the National Income is at record low levels. In other words, the middle class is being left behind. But those who would reap a windfall with the Ryan Budget in most cases, have already recovered their lost wealth from the recession and gained even more and their share of the National Income naturally increased.
Ryan's budget is a slap in the face of 90% or more of Americans. It's plutocracy in action.
