Thursday, June 21, 2012

Welcome to the Losers Club - Courtesy of Paul Ryan.

Welcome to the Loser's Club!!!

A note about ALEC Member Americans for Tax Reform led by Grover Norquist
- and their "No New Taxes Pledge".

The No New Taxes Pledge means
No new taxes for the 1%.

More taxes for the 99%.


Winner’s and Loser’s:
Understanding the Ryan Plan’s Potential Tax
Implications for America’s Workers

From an article on the report

The JEC report, titled "Winners and Losers: Understanding the Ryan Plan's Potential Tax Implications for America's Workers," found that the top 0.1 percent of households would receive an estimated average federal tax cut of nearly $1.2 million in 2015 under the Ryan plan.

Additionally, the plan would lead households making more than $1 million a year to see a decrease in taxes of about $393,664.

The reduced rates would also lower taxes for households making between $50,000 and $100,000 by about $3,138 and for households making between $100,000 and $200,000 by about $7,688.

BUT (my break in the snips)

However, in order to offset the cost of the lower rates, the JEC report found that Ryan would potentially have to eliminate tax expenditures that deliver significant tax benefits to middle-class workers.

The potential targets include tax deductions for mortgage interest, state and local taxes, and charitable contributions as well as tax exclusions for employer-sponsored health insurance benefits and contributions to 401(k) plans.

The JEC report claims that eliminating those tax expenditures would increase taxes for a household making between $50,000 and $100,000 by at least $1,358.

While households making between $100,000 and $200,000 would also see a tax increase of about $2,681,

a household making more than $1 million would still see a net reduction in taxes of about $286,543.

Welcome to the Loser's Club!!!

“We’ve seen this movie before and it doesn’t end well,” said JEC Chairman Casey.  “The Ryan plan doles out tax cuts for the wealthy and asks the middle class to pick up the bill.  This new JEC report makes clear that the middle class will be hit hard by the Ryan proposal.   To pay for his tax cuts, Chairman Ryan has no choice but to eliminate or drastically reduce tax benefits that help middle-class families meet their health care needs, pay for their homes, and save for their retirement.    This is the wrong approach.  As we recover from the Great Recession, our focus must be on creating jobs and helping middle-class families – not giving the wealthiest few more tax breaks.”

Welcome to the Loser's Club!!!

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