New Analysis: Republican Budget Gives $408,000 Tax Cut to Millionaires
WASHINGTON – A new Tax Policy Center analysis of the Republican budget today shows that the average millionaire would reap a $408,000 tax cut under Chairman Ryan’s proposal to reduce the top individual tax rate from 39.6% to 25%. The overall tax cuts in the Republican budget add an additional $5.7 trillion to the deficit, according to the nonpartisan Tax Policy Center, with the individual rate reductions alone responsible for ballooning the deficit by $3.5 trillion.
“The Republican budget would mean a huge tax cut for the very wealthy and leave a nearly $6 trillion hole in the deficit that would lead to tax increases for middle-income families,” said Ways and Means Committee Ranking Member Sander Levin (D-MI). “It moves in the opposite direction of the fiscal cliff deal at a time when income inequality continues its rapid rise in our nation. It would tie tax reform into knots. "
TAX POLICY CENTER ANALYSIS
- Average millionaire would see tax cuts of $408,000 in Republican budget, 54 percent greater than last year’s average $265,000 tax cut for millionaires in the Republican budget
- The top 0.1 percent of Americans would see average tax cuts of $1.2 million
- Overall tax cuts in the Republican budget would add $5.7 trillion to the deficit