Skip to main content

pie chart
The House is working feverishly through a number of budget proposals in order to get back to what they were elected to do, go on recess. A handful of budget proposals are being considered as substitute amendments for the big one, the Ryan budget, which will be voted on Thursday. And a doozy of a budget it is.

The Center on Budget and Policy Priorities and the Urban-Brookings Tax Policy Center (TPC) continue analysis of this, the House Republican budget, authored by Rep. Paul Ryan. This time they focus on the tax rates and just how much a giveaway to the very wealthy his plan would be.

New analysis by the Urban-Brookings Tax Policy Center (TPC) finds that people earning more than $1 million a year would receive $265,000 apiece in new tax cuts, on average, on top of the $129,000 they would receive from the Ryan budget’s extension of President Bush’s tax cuts.

The new tax cuts at the top would dwarf those for middle-and lower-income families.  After-tax incomes would rise by 12.5 percent among millionaires, but just 1.9 percent for middle-income households. [...]

The Ryan budget includes a number of specific tax cuts, on top of making the Bush tax cuts permanent. All of its new tax cuts are both expensive and tilted toward high-income households. It would cut the top individual tax rate to 25 percent, the lowest level since the Hoover Administration more than 80 years ago.

tax chart
Putting a finer point on that, "[P]eople making more than $1 million a year would receive 37 percent of the new Ryan tax cuts even though they constitute less than one-half of one percent of U.S. households." This is the budget that isn't extreme enough for some House Republicans.

The nostalgia for the good old days really has gotten out of control with Republicans. They won't be satisfied until the riff-raff is living in Hoovervilles again.

Originally posted to Joan McCarter on Wed Mar 28, 2012 at 09:39 AM PDT.

Also republished by Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Tip Jar (19+ / 0-)

    "There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning." —Warren Buffett

    by Joan McCarter on Wed Mar 28, 2012 at 09:39:27 AM PDT

  •  Yeah, great idea guys! (6+ / 0-)

    Our already lower than historical average tax take is really creating a lot of jobs! Man, I bet if we lower taxes more, those rich people will create even more jobs!

    There is truth on all sides. The question is how much.

    by slothlax on Wed Mar 28, 2012 at 10:33:25 AM PDT

    •  And this will cut the deficit how? (2+ / 0-)
      Recommended by:
      slothlax, eps62

      Oh that's right, Ryan's budget is not about cutting the deficit, it's about dismantling the safety net.

      We're the Honey Badger wing of the Donner Party. We're mad as hell and we're not gonna take it anymore. Have you seen our videos?

      by Cassandra77 on Thu Mar 29, 2012 at 09:15:33 AM PDT

      [ Parent ]

  •  Shameless!! (3+ / 0-)
    Recommended by:
    relentless, tb mare, eps62

    And the condition appears to be spreading like wildfire.  

    "It's called the American dream because you have to be asleep to believe it." ~ George Carlin

    by vigilant meerkat on Wed Mar 28, 2012 at 10:40:41 AM PDT

  •  The middle class (2+ / 0-)
    Recommended by:
    tb mare, eps62

    will not survive many more of the GOP plans including this one.

    Peter Orzag said today on Bloomberg they need to raise the price of water, so the people will use less.  He is listed as  democrat, but he must be a corporate Democrat.

    Thinking like that is probably why we are paying  $3.60 for gas.

    Orzsag and his corporate friends set around and conjure up things to harrass and things to cost the middle class more.

    Peter walked out of government into the office of citicorp and worked for Peterson when he was in the government.

    These people are like blow flies.  If I had the money our rich leaders and corporate leaders have, I would not grasp greedily for every last penny.  I would relax and let the young keep a few pennies.

    They just want to pile on everyone. and take from the 99%.

  •  Wonder if Ryan's favorite song is that '60s oldie, (2+ / 0-)
    Recommended by:
    Cassandra77, eps62

    Barry's Boys:

  •  Why do we have so much trouble with the message (2+ / 0-)
    Recommended by:
    tb mare, eps62

    that "trickle down" means "you are getting pissed on"? It's so plain and simple. There is mountains of evidence that the scheme does not work. We should be drilling this home every time a Republican says the words"job creators" or "economic freedom".

  •  Looks like the "deficit hawks" have Flown the Coop (0+ / 0-)

    Notice: This Comment © 2012 ROGNM

    by ROGNM on Thu Mar 29, 2012 at 05:39:12 AM PDT

  •  Those Were The Days, eh? (1+ / 0-)
    Recommended by:
    tb mare


    Boy, the way Glen Miller played. Songs that made the hit parade.
    Guys like us, we had it made. Those were the days.
    Didn't need no welfare state. Everybody pulled his weight.
    Gee, our old LaSalle ran great. Those were the days.
    And you know who you were then, girls were girls and men were men.
    Mister, we could use a man like Herbert Hoover again.
    People seemed to be content. Fifty dollars paid the rent.
    Freaks were in a circus tent. Those were the days.
    Take a little Sunday spin, go to watch the Dodgers win.
    Have yourself a dandy day that cost you under a fin.
    Hair was short and skirts were long. Kate Smith really sold a song.
    I don't know just what went wrong. Those Were The Days.

    Here we are now Entertain us I feel stupid and contagious

    by Scarce on Thu Mar 29, 2012 at 05:42:11 AM PDT

  •  Hoovervilles? Goppers won't be satisfied until (3+ / 0-)
    Recommended by:
    Cassandra77, eps62, TofG

    the riffraff is in chains working in mines like in Ben Hur.  Republicans are alien psychos.

    Everything in moderation, including moderation.

    by Troubadour on Thu Mar 29, 2012 at 05:43:36 AM PDT

  •  Resistance to learning basic math has consequences (4+ / 0-)
    Recommended by:
    tb mare, Sherri in TX, Cassandra77, eps62

    Maybe that's the whole rational underlying the Republican plot to gut public education. If the "common people" can't comprehend such basic math, they can be led by emotion and lies, and the rich just keep getting richer. the thing that always gets me is how short-sighted these would-be Machiavellians are. You do not better your long term wealth by destroying the country, because eventually there are no more consumers to exploit.

    I think this points to the real disconnect between the wealthy and the powerful and reality. Since globalization, the corporations have had no allegiance to any country or people, but only to the quarterly profit report. Sure, that's always been somewhat true, but now it has reached the level of sociopathy.

  •  Most of the money moved to the top of the (2+ / 0-)
    Recommended by:
    tb mare, eps62

    food chain sits offshore or is invested in multi-nationals and goes overseas.  In other words, giving the already rich more sends more of the US economy and money out of the US and further stagnates the economy.  The tax breaks should all be at the middle and bottom where people keep the money moving in the economy.  It's the kinesiology of economic activity, like wind in the sails, that keeps an economy moving.  Money held in the doldrums by the most wealthy gets us nowhere fast.  The Dems need to flood the airwaves with charts and graphs so a visually oriented public learns something.  Show how the single mom cashier at a supermarket does more for the economy with her paycheck than Talkaboutyourpatriotism Romney does with his Cayman Island bank account.

    Romney went to France instead of serving in our military, got rich chop-shopping US businesses and eliminating US jobs, off-shored his money in the Cayman Island"s, and now tells us to "Believe in America."

    by judyms9 on Thu Mar 29, 2012 at 05:48:44 AM PDT

  •  Sounds like an opportunity (0+ / 0-)

    for Dems to show how "serious" they are by reaching out across the aisle to embrace this stimulus package in a spirit of bipartisanship.  By November, passage of this bill will be highly touted at DailyKos as a "victory" for Obama, and denounced as "socialism" by the Republicans.

    Based on years of careful observation, I'd be stunned by any other outcome.

    The law, in its majestic equality, forbids rich and poor alike from sleeping under bridges. ~ Anatole France

    by ActivistGuy on Thu Mar 29, 2012 at 05:52:27 AM PDT

  •  Why do they need these tax cuts? (2+ / 0-)
    Recommended by:
    Cassandra77, eps62

    do they ever try to explain?

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Thu Mar 29, 2012 at 05:54:15 AM PDT

  •  Herbert Hoover? (1+ / 0-)
    Recommended by:
    TofG

    The right has never heard of him.  Fill them in.

    Also, remember, under the rules of the Republican Party, the Great Depression was FDR's fault.

    27, white male, TX-26 (current), TN-09 (born), TN-08 (where parents live now)

    by TDDVandy on Thu Mar 29, 2012 at 06:09:46 AM PDT

    •  I know, right? (0+ / 0-)

      Jebus; these guys want to make things the way they were during/just before the Great Depression? In-freaking-sane. And in order to "pass something", Dems in power will compromise by giving them some more tax and spending cuts, to reach a level somewhere between the functional New Deal and the dysfunctional Roaring Twenties. As if the New Deal and the succeeding decades had been an economic failure instead of the greatest and broadest period of industrial and economic expansion in world history.

  •  Can Libs Stop Propagating These Right-Wing Lies? (0+ / 0-)

    "Millionaire" refers to a household with wealth exceeding 1 million, not with annual income exceeding $1M.  The vast majority (>80%) of households making $250K/year are actually millionaires.

    I simply don't understand why 'dailykos' would want to repeat the claim that millionaires receive only 37% of Ryan's tax cut, instead of the actual figure which is closer to 80%, by using that false definition.

    mil·lion·aire/ˌmilyəˈne(ə)r/

    Noun:

    A person whose assets are worth one million dollars or more

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site