Tuesday, March 24, 2015

More facts on the regressive budgets

Robert Reich again lays out the facts of what they're proposing. It's obvious who benefits from these budgets, and it ain't you and me.

"The Senate budget contains over $1 trillion of tax cuts but doesn't specify where the cuts will come from. To find that out, you need to examine the House budget, which contains about $1.3 trillion in tax cuts, mostly benefiting the wealthiest Americans. The House budget would:

1. Repeal the Affordable Care Act’s tax increases, including a 3.8% Medicare surtax on unearned income of the wealthy and the 0.9% Medicare surtax on high wage and salary income. The revenue loss would be about $1 trillion over 10 years, according to the Congressional Budget Office.

2. Repeal the Alternative Minimum Tax, which ensures that higher income people pay at least some base level of tax. The revenue loss would be $330 billion, according to the Tax Policy Center, with 90% of the benefits going to the top 5% of households.

These repeals would cut taxes by an average of roughly $50,000 a year for people with incomes exceeding $1 million; by less than $10 on average for those making between $50,000 to $75,000; and by nothing for those earning less than $50,000, according to the Center on Budget and Policy Priorities.

These tax cuts on the rich would be matched by spending cuts, mostly on programs for the poor, such as food stamps, housing, education, and student aid. With inequality reaching levels not seen since the Gilded Age of the late 19th century, what can these Republicans be thinking?"

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