Ryan tax plan may lead to $200K cut for rich
March 15th, 2013
08:12 AM ET
1 year ago

Ryan tax plan may lead to $200K cut for rich

New York (CNNMoney) – Millionaires would get a sizable tax cut if Rep. Paul Ryan's budget proposal were to become law.

Those with incomes exceeding $1 million would enjoy an average tax cut of more than $200,000, according to Citizens for Tax Justice, a left-leaning group. And it could be even bigger if Congress doesn't try to limit tax deductions, credits and preferences to offset the costs of the proposed tax cuts.

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Filed under: CNNMoney.com • Paul Ryan
soundoff (34 Responses)
  1. Lynda/Minnesota

    "So much cute sarcasm this morning. I suppose you do realize these programs are collapsing, right? Got any clever solutions to offer up as a side dish?"

    Tsk, tsk. Fair is Fair.
    Tsk. Tsk.

    March 15, 2013 10:29 am at 10:29 am |
  2. Rudy NYC

    Where are you getting this "hundreds of billions" number from? Is it spcified in the Ryan budget? Did it come from the Centers for Medicare Serices? The Congressional Budget Office? Or is this another Rudy-ism you're throwing out?
    -------------
    The CBO ran estiates on the cost to set it all up for the original Ryan Plan. Their estimate was $500 billion over the next ten years. The money has to come from somewhere, and it will most likely be Medicare itself. That expense would destroy it.

    March 15, 2013 10:32 am at 10:32 am |
  3. rs

    See? Nothing changes. The GOP is STILL trying to advance the rich beyond the rest of us. The logic behind giving the class that owns 90% of the wealth in America (while they are only 1% of the population) another gross tax cut not only isn't good for the rest of us (whose taxes will go up under this plan), it simply isn't sound economic policy. Giving on class huge tax benefits only further concentrates wealth in the hands of the few; it spreads the gap between rich and poor further (now at a record distance); it also is bad for fighting the growing debt of the United States, and keeps the budget deficit open. What it does do- is it creates a hyper-rich class whom the GOP can bankrole their future elections. Useful as they'll never win on policy.
    40 years of Republican "Cut-Taxes-And-Spend" "Voodoo Economics" (as Gerge H.W. Bush calledit) had impoverished millions of Americans and bankrupted the nation.
    Get real Republicans.

    March 15, 2013 10:32 am at 10:32 am |
  4. Dominican mama 4 Obama

    @Lynda/Minnesota:
    Absolutely we've got to give the CEOs
    Absolutely we should gut medicare and social security.
    Absolutely Jesus of Nazareth was an old time Liberal.
    -------------------------------------------------
    Love it! Sarcasm with just the right dash of humor, an effective and hilarious way of making these folks see just how ridiculous their proposals and support of said proposals are.
    The middle class drives our economy NOT the rich. When a rich person is saved $200K they DON'T take that money and pour it back into the economy through spending. You save us the middle class Americans a few thousan and next thing you know we're shopping...for necessities or non-necessities but we're shopping, pouring that money back into the economy.
    The only place the rich are creating jobs through the monies that they are saving is oveseas.
    You can't make these people up Lynda.
    Job creators indeed.

    March 15, 2013 10:37 am at 10:37 am |
  5. Randy, San Francisco

    Republicans/Tea Partiers are always preaching about the budget deficit. Rep Ryan failed to explain how a tax cut for the 1% reduces the budget deficit. Don't have to be a genius to figure out that it adds to the budget deficit. Oh yes, Rep Ryan's plan would shift the burden to seniors, students, sick, and poor.

    March 15, 2013 10:38 am at 10:38 am |
  6. rs

    WiredweirdinSF

    And that 200K if true would be plowed back in to the economy to create jobs
    ____________________________________
    So, 40 years of cutting taxes for the rich, and actually making fewer jobs teaches us what about Ryan's plan?
    Hint: it didn't work then, it won't work now.

    March 15, 2013 10:39 am at 10:39 am |
  7. rs

    Tea Party Thomas

    Don't raise taxes on the rich. They are the job creators.
    ________________________________
    History, unfortunately proves you wrong. The absolute worst means of job creation is giving more money to the rich. Especially when it will directly impact the U.S. debt and defict.

    March 15, 2013 10:41 am at 10:41 am |
  8. rs

    Ryan is a wannabe plutocrat like his failed running mate from the last election.

    March 15, 2013 10:42 am at 10:42 am |
  9. rob

    Rudy NYC
    "How does it get paid for? Isn't that the question the right wing always asks? So, ask it."

    The answer is ECONOMIC GROWTH THROUGH INVESTMENT. If you have a bank account the Bank invests the money by lending it. If you have a 401K, the $ is invested in stocks and bonds. You think wealthy people just sit on their money? They look for good investments. Right now the USA is not a good investment because of the high tax high spending high regulation environment. In other words, Dems in Govt are seeking to crowd out the private sector. They feel raising taxes on the rich and corporations to pay for more Govt will allow for a fairer society in which they decide who gets what. This is a receipe for disaster, it has never worked .

    March 15, 2013 10:43 am at 10:43 am |
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