Wealth’s Control: Ryan’s Budget Proposal

Still don’t believe me about the wealthy?

The Washington Post on Republican U.S. House Speaker Paul Ryan’s new budget proposal:

The House Republicans’ proposal for tax relief could force the government to borrow trillions of dollars to continue operating and might even weaken the economy, according to a new analysis from the nonpartisan Tax Policy Center.

By 2025, when the reductions would be fully implemented, 99.6 percent of the tax cuts would benefit the wealthiest 1 percent of Americans, according to the analysis. This group would enjoy the greatest relief as a share of their income (increasing their incomes after taxes by 10.6 percent on average) and in terms of dollars (an average annual savings of $240,000 for each household).

Poor and working-class households would gain more modest benefits. The poorest 20 percent of Americans would see an average increase of 0.5 percent in their incomes, or about $120 a year. Households in the upper middle class, those in the 60th percentile through the 95th percentile, would pay more in taxes on average.

The Washington Post

Funny how targeted it is in ensuring a certain segment of the population benefits. Indeed, “middle class” people would pay more in taxes. If you’re one of the white working class Trump supporters (hopefully not a voter), you may want to keep Ryan’s budget in mind.

See? The wealthy are keeping their grip on the wheel of state.

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