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. Rudy NYC

    Critics accuse Paul Ryan of not being serious about debts, deficits, and spending, saying that his real goal is bring about oligarchy and economic apartheid. If he were genuinely serious: why does his budget take the $700 billion he accused Obama of taking from Medicare and re-apply towards defense spending; then why does his budget include $5 trillion in tax breaks for the wealthy; then why does his plan reduce corporate tax rates, without cutting the biggest loopholes and subsidies, at a time when those same corporations are making record profits.

    When he speaks about "economic growth", whose economic interests is he really talking about? Where do the jobs come from to lower unemployment to well under 5% in a few years, which he projects? How can the same budget that he had originally presented, which didn't balance the annual budget for at least 3 decades, is suddenly able to do so in just one? If the Medicare voucher program is such a good idea, then why wait 10 years to put it into practice?

    March 15, 2013 08:46 am at 8:46 am |
  2. Rudy NYC

    Paul Ryan's Medicare voucher progarm is actually a systematic dismantling of the entire Medicare system. If it's such a wonderful idea then why wait ten years before you put it into practice? Simple. Because you need to create the government infrastructure to run a voucher program while the current sytem is still in place. Some argue that you could privatize it, but it still does not change the fact that the voucher system must be built from the ground up, and it is going to cost hundreds of billions of dollars to do so.

    And that is real coup de grace of the Ryan Vouchers, because creating it will most likely bankrupt the Medicare system, effectively and permanently destroying it, which we all know has been the right wing's goal all along. The voucher "cure" is actually a fatal "poison".

    March 15, 2013 08:51 am at 8:51 am |
  3. WiredweirdinSF

    And that 200K if true would be plowed back in to the economy to create jobs rather than giving the dope smokers, welfare frauds and union thugs more of our money to continue their non productive life styles. Why 200K is the cost of one Obama phone isn't it?

    March 15, 2013 08:54 am at 8:54 am |
  4. jkane sfl the gop national disgrace party will be swept out like the trash they are in2014 ?

    The gop vp reject is still pushing the romney plan . Did any body tell you you lost the election and you were 50% responsible . And what kind of budget do you expected from a hot dog car driver and the brain dead gop fools .

    March 15, 2013 09:07 am at 9:07 am |
  5. Pete

    Ryans bill now again being exposed for what it is a federal kickback to the wealthy at our expense..His supposid plan would help throw seniors ,handicapped out of nursing facilities,cut back coverage on most drugs and make again Medicare a voucher program like he introduced during election time..It's obvious that Ryans never struggled which he hasn't with his family on the government teat since before he was born with his millionair fathers construction business flourishing because of state,federal contracts..Ryan himself guilty of using SocialSecurity to benefit his future college endeavors at our expense and his supposid mother on SocialSecurity,Medicare that struggles with two million dollar residences in two states Wisconsin,Florida.Now if that's struggling let me go struggle like her but that's the way republicans want it more for the wealthy,Ryan included and screw the 98%ers ,plain and simple.....

    March 15, 2013 09:16 am at 9:16 am |
  6. Rudy NYC

    WiredweirdinSF

    And that 200K if true would be plowed back in to the economy to create jobs rather than giving the dope smokers, welfare frauds and union thugs more of our money to continue their non productive life styles. Why 200K is the cost of one Obama phone isn't it?
    ---------------------
    Not much of it "would be plowed back into the economy." It's more likely that most of it will wind up in off shore accounts. The real problem isn't the tax cut itself, it's everything else that Ryan does with his budget to "pay for" his tax cut.

    BTW, "would be plowed back into the economy" is a euphemism for deficit spending. His "tax cut investment" will cost $5 trillion over the next ten years. How does it get paid for? Isn't that the question the right wing always asks? So, ask it.

    March 15, 2013 09:18 am at 9:18 am |
  7. Wake up People!

    Looks like another vacation home for the rich, who will NOT create anymore jobs, but the working people continue to suffer. How anyone who is not at least making $200,000 could be behind this party is completely beyond my understanding.

    And you know most of the GOP trolls that post here aren't even close to that income bracket. The majority of them can't spell and don't even grasp the use of or the need for punctuation. Just a bunch of sheep being led around by their wealthy shepherds.

    March 15, 2013 09:19 am at 9:19 am |
  8. Bill, NY

    They will never stop further enriching the very rich at our expense. The saddest part of this is that these are ELECTED officials. Republicans are masters at getting those who need most to work against their own best interests.

    March 15, 2013 09:22 am at 9:22 am |
  9. julie

    ..................and the rich keep getting richer, of course under lyin ryan's plan IS FOR THE RICH............I thought this was over with when lyin ryan and flip flopping romney LOST in Nov

    now watch some numbskull gop troll that barely makes 35k a year will think this is GREAT....what losers

    March 15, 2013 09:28 am at 9:28 am |
  10. John in Brooklyn

    Of course! Did we expect enything else from him?

    March 15, 2013 09:31 am at 9:31 am |
  11. Dominican mama 4 Obama

    Ryan tax plan may lead to $200K cut for rich
    -------------------------------------------------
    The key word here being "may". Or maybe the key word should be "Ryan", meaning it is NOT going to happen.
    It wasn't feasible when he first introduced it and his team ran away from it like they used to run away from Romney whenever he entered a room. It s NOT feasible now.
    The rich have nothing to worry about...as if...

    March 15, 2013 09:31 am at 9:31 am |
  12. Wake up People!

    I wonder why I don't remember an article like this prior to the election here??

    March 15, 2013 09:35 am at 9:35 am |
  13. Tea Party Thomas

    Don't raise taxes on the rich. They are the job creators.

    March 15, 2013 09:45 am at 9:45 am |
  14. Fair s Fair

    "And that is real coup de grace of the Ryan Vouchers, because creating it will most likely bankrupt the Medicare system, effectively and permanently destroying it, which we all know has been the right wing's goal all along."
    -----
    Medicare does not need any assistance in becoming bankrupt... it will do that under it's own weight in very short order. Even your heroes of the far-left know and admit that.

    March 15, 2013 09:50 am at 9:50 am |
  15. Sara

    I don't know why CNN, FoxLITE is continuing to give this man any creditability. We saw this, hear this for 2 years. I think America knows who and what this man represents.....u know the one who followed up Willard pushing it even further the division of this country..."the rich and the poor".....no middle. ...Ryan, called them the givers and the takers. Ha! Poor America, we have lost our way.

    March 15, 2013 09:58 am at 9:58 am |
  16. Rudy NYC

    Fair is Fair wrote:

    Medicare does not need any assistance in becoming bankrupt... it will do that under it's own weight in very short order. Even your heroes of the far-left know and admit that.
    -------------]
    Yes, they do know it. No one is denying it. Except the Ryan Plan practically *guarantees* that it will be bankrupted before the first voucher will ever get mailed out! Where are the tens and hundreds of billions going to come from to build a voucher system from the ground up? The Ryan Plan uses Medicare dollars to do it.

    March 15, 2013 10:01 am at 10:01 am |
  17. Lynda/Minnesota

    Absolutely we've got to give the CEOs ... oops, my mistake ... job creators another tax cut. We have such an abundance of jobs now because of tax cuts, we might just as well add millions of more jobs ... yes?

    /sarcasm

    March 15, 2013 10:02 am at 10:02 am |
  18. marty

    Mr Ryan, please resign.

    March 15, 2013 10:08 am at 10:08 am |
  19. Fair s Fair

    "Yes, they do know it. No one is denying it. Except the Ryan Plan practically *guarantees* that it will be bankrupted before the first voucher will ever get mailed out! Where are the tens and hundreds of billions going to come from to build a voucher system from the ground up? The Ryan Plan uses Medicare dollars to do it."
    -----–
    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?

    March 15, 2013 10:08 am at 10:08 am |
  20. Lynda/Minnesota

    Absolutely we should gut medicare and social security. Back in the day, if you didn't have insurance you, well ... you just layed back and died. I'm guessing all that dying happened without comment. Why be a burden on the picked themselves up from their bootstraps Paul Ryan's of the world? I mean, geesh, people. Get with the program.

    /more sarcasm

    March 15, 2013 10:14 am at 10:14 am |
  21. S.B. Stein E.B. NJ

    If they created jobs with that and spent it all here in the US, I wouldn't have a problem. They never seem to do that.

    March 15, 2013 10:16 am at 10:16 am |
  22. enuff

    Ryan has to try and bring this up again because he promised his campaign donors that he would get it passed if voted VP. Now, he has to show that he would still bring it up in order to say at least he TRIED.

    March 15, 2013 10:19 am at 10:19 am |
  23. Lynda/Minnesota

    Absolutely Jesus of Nazareth was an old time Liberal. Why else are the compassionate conservatives amoung us running away from His compassion as fast as their chubby little legs will take them?

    /even more sarcasm.

    March 15, 2013 10:22 am at 10:22 am |
  24. Wake up People!

    The silence from the right on this topic is deafening. But look at the article about President Obama going to Cali to fundraise, every troll and their mama had something to say about it.

    March 15, 2013 10:25 am at 10:25 am |
  25. Fair s Fair

    @ Lynda -

    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?

    March 15, 2013 10:28 am at 10:28 am |
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