The Republican party stands for one thing…tax breaks for millionaires. In addition to the $265k average annual tax cut that the Ryan plan is offering to anyone making more than $1 million a year…when factoring in the Bush tax cuts for the rich – we’re talking about a total of $400k a year in tax cuts for someone making $1 million a year.
Some people like to parrot this notion that both parties are the same, but that’s a horribly ridiculous statement. There is no Democrat proposing anything remotely close to this…and less than a handful would vote for such a plan in the first place. This House Republican proposal gives tax cuts for millionaires in order to pay for deep cuts to Medicare and Social Security. That IS CLASS WARFARE; this is not a fucking test.
The Center on Budget and Policy Priorities does the math:
A new TPC analysis finds that people with incomes above $1 million would receive a $265,000 average annual tax cut just from the new Ryan proposals (i.e., not counting what they would also receive from extension of the Bush tax cuts). Middle-income taxpayers — those with incomes between $50,000 and $75,000 — would receive $1,045, on average.
Underscoring how tilted the proposal is toward the top, the TPC figures show that people 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.
Combined, the Bush and Ryan tax cuts would provide an annual windfall of nearly $400,000 apiece, on average, to people with incomes over $1 million (see Figure 3). For these people, their tax cuts would be eight times the average total after-tax incomes of people in the middle 20 percent of the income scale.
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