A Budget to Benefit the 1 Percent
Tax Day is coming up on April 17, so it’s worth remember who will pay more in taxes under the Ryan-Romney Republican budget — the poorest Americans — and whose taxes will be cut in dramatic fashion — the very wealthiest Americans.
If the percentages aren’t shocking enough, the Center on Budget and Policy Priorities reports that the Ryan-Romney budget would give each millionaire a $265,000 tax cut on top of the Bush tax cuts for the wealthy, which it of course also extends.
It should also be noted that Rep. Paul Ryan (R-WI) has promised to close trillions in unspecified tax loopholes, which would likely result in tax increases for millions more middle class Americans than are depicted in this chart. We can’t say for sure, however, because Ryan refuses to name a single one of the loopholes he’d close.
IN ONE SENTENCE: Instead of ending Medicare in order to slash taxes on millionaires, it’s time to pass the Buffett Rule so millionaire start paying their fair share.
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