Government by the wealthy, for the wealthy
I realize that this is going to come as a huge shock to many of you. Perhaps you’d like to sit down for this:
The budget plan put forth by Paul Ryan will raise taxes on the middle class and give huge tax breaks to the super wealthy.
That’s the plan that Mitt Romney said this about:
I’m very supportive of the Ryan budget plan. It’s a bold and exciting effort on his part and on the part of the Republicans and it’s very much consistent with what I put out earlier. I think it’s amazing that we have a president who three and a half years in still hasn’t put a proposal out that deals with entitlements. This president’s dealing with entitlement reform — excuse me — this budget deals with entitlement reform, tax policy, which as you know is very similar to the one that I put out and efforts to reign in excessive spending. I applaud it. It’s an excellent piece of work and very much needed.
Here’s what that tax plan will do:
The tax reform plan that House Republicans have advanced would sharply cut taxes for the wealthiest Americans and could leave middle-class households facing much larger tax bills, according to a new analysis set to be released Wednesday. [...]
[A]lthough households earning $100,000 to $200,000 a year would save about $7,000 from the lower tax rates in the GOP plan, those savings would be swamped by eliminating major deductions, according to the report by the Democratically controlled congressional Joint Economic Committee.
The net result: Married couples in that income range would pay an additional $2,700 annually to the Internal Revenue Service, on top of the tax increases that are scheduled to hit every American household when the George W. Bush-era cuts expire at the end of the year.
Households earning more than $1 million a year, meanwhile, could see a net tax cut of about $300,000 annually.
From the Senate report (pdf), here’s the data in graphical form:
By the way, want to know who makes more than $1 million a year?
And he doesn’t do a damn thing to earn it. He has said so himself.
I wonder how many of those “temporarily embarrassed millionaires” (as LOLGOP likes to call non-wealthy people who vote against their own self-interest) will continue to support this self-serving millionaire?
UPDATE: Don’t forget, too, that the Ryan Plan hits the poor by raising their taxes, too. From analysis by the Center on Budget and Policy Priorities:
In other words, EVERYBODY loses under the Paul Ryan plan that Mitt Romney supports so strongly.
Well, you know, everybody except rich guys like Mitt.
[CC image by: NotionsCapital.com]