News And Information On Wall Street, The Crooks That Run It, The Money Wall Street Uses To By Politicians And Coverage Of The People Standing Up To This Greed And Corruption
Tuesday, August 14, 2012
MItt Romney Wants a 12.5% Tax Break that you Pay For
Congressman Paul Ryan wants to give Mitt Romney a tax break worth millions of dollars. And if Paul Ryan wanted to give you the same sort of tax break - then you'd probably be hugging him too. But he doesn't want to give you a tax break - in fact - he wants to raise your taxes in order to pay for the tax break he wants to give to Mitt Romney. Here's what's going on...The congressional joint economic committee just released a new study on the paul ryan republican budget - which passed out of the house earlier this year thanks to the support of nearly every single republican. And what they found is - millionaires like Mitt Romney would get a 12.5% tax break. Considering Mitt Romney is worth about $260 million bucks and makes tens of millions a year - that comes out to a pretty hefty million tax break courtesy of his buddy Paul Ryan. That goes on top of the sizeable $77,000 tax break romney got by writing off his wife's horse as a tax deduction. A side note: Ann Romney really loves horses. Unfortunately for the rest of us, who aren't worth $260 million and don't have an addiction to dressage horses that we can write off as tax deductions -
The Ryan plan would actually raise our taxes. As the Washington Post points out: "the tax reform plan that house republicans have advanced would sharply cut taxes for the wealthiest americans and could leave middle-class households facing much larger tax bills." Here's how it all breaks down - the Ryan plan creates just two tax brackets - drastically lowering the top income tax down to 25% and creating a second income tax rate of 10% for working people. That might looks like a good deal for everyone - but paul Ryan also eliminates a lot of tax deductions used by working people - so the end result actually works out to a tax increase for low and middle income Americans. These are the facts - the Paul Ryan budget, which - again - was voted on by nearly every single republican in the house - raises taxes on working people. I guess we've found the unwritten exception to millionaire and k street lobbyist grover norquist's pledge - tax increases are ok when they hit working people, but not okay when they hit rich people like Mitt Romney, Grover Norquist, and the Koch Brothers.