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.
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.
