Enough with the deficit commission report details. Let's get specific: would these budget reforms make you pay higher taxes -- and if so, how much higher?
Here are the charts that try to answer that question. The Tax Policy Center has run simulations on the deficit commission "Chairmen's Mark" (aka the Bowles-Simpson plan), the most recent plan from the Bipartisan Policy Center (aka the Rivlin-Domenici plan) and Paul Ryan's Roadmap.*
These charts can look daunting, but the numbers you should focus on are on the far right: change in average federal tax rate, which takes into consideration all federal taxes, including on income and investment. When the number in the column "% Points" is positive, that means those taxpayers should expect to fork over more in total taxes.
Click the charts to make them bigger. First, the Bowles-Simpson Deficit Commission Report:
Second the Rivlin-Domenici bipartisan proposal:
This is the most progressive of the three proposals. The bottom 20 percent would see no tax increase due to generous tax deductions. The top quintile would see its after-tax income drop by 5% due to more limited deductions.
Finally, the Ryan Roadmap:
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*TPC has not run the numbers on Jan Schakowsky's plan, which would keep individual income taxes where they are today for most payers and put most of the tax burden on the rich and corporations.
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