Analysis: House GOP Budget Gives $187,000 Tax Cut To Every Millionaire

http://thinkprogress.org/economy/2012/03/22/450392/ryan-budget-millionaires/

By Travis Waldron posted from ThinkProgress Economy on Mar 22, 2012 at 8:00 pm

ThinkProgress reported Tuesday that the House Republican budget, authored by Budget Committee Chairman Paul Ryan (R-WI), would give away $3 trillion in tax breaks to corporations and the wealthiest Americans. Roughly $2 trillion of those breaks are aimed at the rich, thanks to the repeal of multiple taxes that primarily affect the rich and the dropping of the top marginal tax rate from 35 percent to 25 percent.

Ryan insisted those breaks won’t blow holes in the federal budget, first by claiming a level of revenue that borders on pure fantasy, and second by promising to close tax loopholes. Even in the unlikely scenario that the GOP managed to close every tax loophole available to the wealthy, each millionaire would pay an average of $187,000 less under Ryan’s plan than they would under current law (which assumes an end to the Bush tax cuts), according to a study from Citizens for Tax Justice:

[...]

..