Crooks and Liars:
The new Republican budget doubles down on the wildly regressive Bush/McCain tax cutting binge American voters rejected at the polls in November. Making the budget-busting Bush tax cuts of 2001 and 2003 permanent, the GOP also proposes an alternative "highly simplified system that fits on a post card, with few deductions and two rates." Taxpayers making over $100,000 would see their rate drop to 25% from its current high of 35%. (Below that level, the rate drops to 10%.) Corporate taxes would also drop to 25%. While the capital gains tax rate would be frozen at its post-2003 level of 15%, the estate tax would be eliminated altogether.
The predictable result is yet another massive redistribution of the tax burden away from the richest Americans even as it produced a torrent of red ink. While the Center for American Progress concluded the Boehner-Ryan giveaway would hand an annual tax bonanza of $1.5 million to the average CEO, a preliminary analysis from the Center for Tax Justice last week concluded that by 2011, the GOP scheme would drain the Treasury to the tune of $300 billion more than the Obama plan. And as is par for the course for the Republicans, the usual upper-income suspects benefit the most:
The new Republican budget doubles down on the wildly regressive Bush/McCain tax cutting binge American voters rejected at the polls in November. Making the budget-busting Bush tax cuts of 2001 and 2003 permanent, the GOP also proposes an alternative "highly simplified system that fits on a post card, with few deductions and two rates." Taxpayers making over $100,000 would see their rate drop to 25% from its current high of 35%. (Below that level, the rate drops to 10%.) Corporate taxes would also drop to 25%. While the capital gains tax rate would be frozen at its post-2003 level of 15%, the estate tax would be eliminated altogether.
The predictable result is yet another massive redistribution of the tax burden away from the richest Americans even as it produced a torrent of red ink. While the Center for American Progress concluded the Boehner-Ryan giveaway would hand an annual tax bonanza of $1.5 million to the average CEO, a preliminary analysis from the Center for Tax Justice last week concluded that by 2011, the GOP scheme would drain the Treasury to the tune of $300 billion more than the Obama plan. And as is par for the course for the Republicans, the usual upper-income suspects benefit the most:
Over a fourth of taxpayers, mostly low-income families, would pay more in taxes under the House GOP plan than they would under the President's plan.
The richest one percent of taxpayers would pay $100,000 less, on average, under the House GOP plan than they would under the President's plan.
The richest one percent of taxpayers would pay $100,000 less, on average, under the House GOP plan than they would under the President's plan.
1 comment:
Yes the GOP in the Illionis State house decided they could cut the budget, in all the healthcare areas....so the GOP in Illinois is not much smarter.
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