If you thought the Bush Tax Cuts for the Rich plan was bad, just wait until you see the Ryan Budget Plan (or as it’s sometimes called, Paul Ryan’s attempt at Ayn Rand Fan Fiction). It cuts $5,700,000,000,000 over 10 years from the government’s income and then doesn’t actually explain in more than vague "it’s magic" terms how it’s going to cut enough of that out of the budget to keep that off the deficit while claiming it’ll balance the budget. Remember, he not only doesn’t cut Pentagon spending – the largest part of the discretionary budget – he raises it.
Of course, while those new debts go into everyone’s purse, the tax cuts themselves are massively geared toward the very rich.
- If you make less than $22,000 per year you’ll save less than $40.
- If you are middle income you’ll get $900.
- If you are, however, in the group making over $3,300,000 per year (up in the 99.9% group that Ryan actually thinks aren’t parasites) then your tax savings would be $1,200,000 per year.
Or put into percentages
- Bottom 20% get a 0.3% cut
- 2nd 20% get a 0.9% cut
- Middle 20% get a 1.6% cut
- 4th 20% get a 2.1% cut
- Top 20% get a 5.9% cut
But the biggest gifts go to the very top
- The top 1% get a 10.9% tax cut
- The top 0.1% get a 12.1% tax cut
Yes, the top bracket don’t just get more in cuts but the percentage of their cuts is forty times as great as the cut for the person struggling to put food on their family (we’re talking Bush logic – may as well use Bush phrasing).
So, tax cuts mostly for the wealthy and no real way of absorbing those cuts without putting them into the deficit except "by magic".
Sorry. We’ve been there before and we’ll be paying, as a nation, for that mistake for decades.
For the actual numbers and analysis by the Tax Policy Center, here is the link.
And if you want to see just how UnFlat this tax cut is…