BREAKING: Ryan Republican Budget Gives Millionaires Average Tax Cut of At Least $200,000
According to a new Citizens for Tax Justice analysis of the latest Ryan Budget, millionaires would reap huge benefits – getting an average tax cut of at least $200,000.
As in previous years, House Budget Committee Chairman Paul Ryan has released a budget proposal that includes some specific, enormous tax cuts with a vague promise that the amount of revenue collected by the federal government would somehow be unchanged. There is no way the plan could be implemented without providing millionaires with tax cuts averaging at least $200,000…
For taxpayers with income exceeding $1 million, the benefit of Ryan’s tax rate reductions and other proposed tax cuts would far exceed the loss of any tax expenditures. In fact, under Ryan’s plan taxpayers with income exceeding $1 million in 2015 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.
The American people won’t stand for another Ryan Republican Budget that dishes out huge tax cuts to the wealthy few and protects corporations that ship jobs overseas at the expense of hardworking, middle class families, seniors, students and our nation’s economic competitiveness.