Study: House Republican Budget Would Raise Taxes On The Middle Class, Cut Them For Millionaires

http://thinkprogress.org/economy/2012/06/20/502695/gop-budget-tax-study/

By Pat Garofalo posted from ThinkProgress Economy on Jun 20, 2012

According to a study prepared by the congressional Joint Economic Committee and verified by independent experts, the House Republican budget authored by Budget Committee Chairman Paul Ryan (R-WI) would raise taxes on families making less than $200,000, even while it gives millionaires a tax cut:

So although households earning $100,000 to $200,000 a year would save about $7,000 from the lower tax rates in the GOP plan, those savings would be swamped by eliminating major deductions, according to the report by the Democratically controlled congressional Joint Economic Committee.

The net result: Married couples in that income range would pay an additional $2,700 annually to the Internal Revenue Service, on top of the tax increases that are scheduled to hit every American household when the George W. Bush-era cuts expire at the end of the year.

Households earning more than $1 million a year, meanwhile, could see a net tax cut of about $300,000 annually.

.....

According to the non-partisan Tax Policy Center, the Republican budget would also slam those making less than $30,000 per year, because it doesn’t extend some of the tax cuts for low-income Americans that President Obama has signed into law:

..... [chart in original article shows that people with incomes under $30,000 would get less after-tax income]