It’s depressing that we actually needed a study for this, but here you go anyway:
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.***
So although 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.
“According to this report, while millionaires will receive a huge tax break, earners making under $200,000 will see their taxes rise significantly,” said Sen. Robert P. Casey Jr. (D-Pa.), who chairs the Joint Economic Committee.
“Ryan seems to want to have his cake and eat it, too, and this report shows that you can’t,” added Sen. Charles E. Schumer (D-N.Y.), who requested the analysis. “If you want to cut taxes on the rich and not raise the deficit, you’re going to have to basically clobber the middle class.”
I mean, I guess I am glad they conducted a study, but the wingnuts will just ignore it because it doesn’t say what they want to hear and because facts and figures have a liberal bias, and the media lightweights get all confused when numbers are involved. Not to mention, if they do report this, they’ll give the facts, then turn the cameras to Mitt Romney or Paul Ryan who’ll lie about something, the media will ignore the lie and treat both sides as if they have valid arguments. BALANCE!
But back to the point. You didn’t need a study to tell you this. Anyone with an ounce of common sense could (and many of us did) look at the “very serious” Ryan plan for five minutes and say “So you are going to cut taxes by five trillion for the rich, allegedly close some loopholes, and this is going to reduce the deficit? Someone is going to get very, very screwed in this deal, and it isn’t going to be the Koch brothers.”