Democrats have known that the Paul Ryan Plan benefits very wealthy Americans. It's no wonder Mitt Romney whole-heartedly endorses the plan. He would see a $300,000 tax cut under the plan as written.
The latest report by Senate Democrats states that every tax payer would benefit from the new brackets, 25 percent and 10 percent. However, federal tax collections would decrease by $4.5 billion over the next ten years. That money has to come from somewhere. Republicans aren't saying what "loopholes" they would eliminate to make up that difference in tax revenue, but it sure ain't gonna be from those earning over $1 million a year. Those people, Romney's people, would see a tax decrease!
"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," says Democratic Senator Charles E. Schumer of New York.
Here's how it breaks down:
- $1,000,000+ earners get a tax cut
- $200,000+ earners get a tax cut of about $7,000
- Less than $200,000 earners, the majority of Americans, "...will see their taxes rise significantly," according to the Chairman of the Joint Economic Committee.
This report on the Ryan Plan was reviewed by a group of nonpartisan tax experts at the Tax Policy Center, and they agree that the report is "largely accurate."
Republicans don't understand a lot, it seems, but they are really deficient in basic math skills. You simply cannot keep cutting tax revenues, lower the national debt, and kill the middle class. That is a formula for disaster, although, it looks great to Mitt Romney and his zombie followers. They all get richer while America collapses. What's the definition of class warfare again?
This Republican tax plan is a prime example of the fundamental differences between Republicans and Democrats. Democrats care about people and have a long-term vision for the country. Republicans care only about money and can't see beyond their current net worth.
This "Romney-Ryan" plan is short-sighted and downright insulting to anyone with a working calculator.