This atrocity is written up by Republican Senator Paul Ryan. And yes, it is horrible for most of America. Here is his website for the bill.
This bill would single handedly wipe out years of progressive tax reform and devastate most of America.
The Center for Budget and Policy Priorities has this to say:
• The higher one goes up the income scale, the more massive the tax cuts would be. Households with incomes of more than $1 million would receive an average annual tax cut of $502,000.
• The richest one-tenth of 1 percent of Americans — those whose incomes exceed $2.9 million a year — would receive an average tax cut of $1.7 million a year. These tax cuts would be on top of those that high-income households would get from making the Bush tax cuts, which are due to expire at the end of 2010, permanent. ...
• The plan would shift tax burdens so substantially from the wealthy to the middle class that people with incomes over $1 million would face much lower effective tax rates than middle-income families would. That is, they would pay much smaller percentages of their income in federal taxes.
The Tax Policy Center claims:
Anybody making less than $20,000 a year would get a break of about $100-$300 on their income taxes. Anybody making $20,000 to $200,000 would get taxed more than now. Anybody making $200,000 to $1,000,000 would rake in the dough. Above a million dollars, the average benefit would come in over half-a-million a year .
And the third major tax watch dog group Citizens for Tax Justice have this to say:
It’s difficult to design a tax plan that will lose $2 trillion over a decade even while requiring 90 percent of taxpayers to pay more. But Congressman Paul Ryan has met that daunting challenge. This analysis makes obvious that Congressman Ryan’s budget plan has nothing to do with balancing the budget, but has everything to do with creating a system that takes more from the poor and less from the rich.
The whole article from them is here:
Thats right ladies and gentle men. The conservative wing of the GOP has come up with a bill to tax the middle class into extinction and give it all to the wealthy, all the while adding 2 Trillion dollars to the deficit! AWESOME!
The problem with conservatives is that they aren't. Period. And the ones that are, don't know good policy when it hitting them in the ass.