The Tax Policy Center finds that Rep. Ryan's budget alternative falls short of its revenue goals. Also:
Top-bracket taxpayers would overwhelmingly benefit from Ryan’s tax cuts. By 2014 people making in excess of $1 million-a-year would enjoy an average tax cut of more than $600,000. To put it another way, their after-tax income would rise by nearly 30 percent.
By contrast, the average taxpayer making $75,000 or less would pay higher taxes if they chose Ryan’s two-rate alternative. If they chose the tax plan more favorable to them, they’d do a bit better. For instance, people making between $50,000 and $75,000 would typically get a tax cut of $157 in 2014, while those making between $40,000 and $50,000 would pay $128 more on average.
Ryan responds here. Drum flags a report by Citizens for Tax Justice, a progressive tax group, that mocks the plan by writing that "it’s difficult to design a tax plan that will lose $2 trillion over a decade even while requiring 90 percent of taxpayers to pay more. But Congressman Ryan has met that daunting challenge". Ezra thinks this shows that "even draconian, unthinkable limits on spending won't be enough to balance the budget."
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