GOP tax cut would be paid for by middle class

[NNN0LHI]

http://bangordailynews.com/2012/06/20/politics/gop-tax-cut-would-be-paid-for-by-middle-class-analysis-finds/

By Lori Montgomery, The Washington Post
Posted June 20, 2012, at 5:43 a.m.
Last modified June 20, 2012, at 6:04 a.m.

WASHINGTON — The tax reform plan that House Republicans have advanced would sharply cut taxes for the wealthiest Americans but could leave middle-class households facing much larger tax bills, according to a new analysis set to be released Wednesday.

The report, prepared by Senate Democrats and reviewed by nonpartisan tax experts, marks the first attempt to quantify the trade-offs inherent in the GOP tax package, which would replace the current tax structure with two brackets — 25 percent and 10 percent — and cut the top rate from the current 35 percent.

Those changes would benefit virtually every taxpayer, but they also would reduce federal tax collections by about $4.5 trillion over the next decade, according to the nonpartisan Tax Policy Center. To avoid increasing the national debt by that amount, GOP leaders such as House Budget Committee Chairman Paul Ryan of Wisconsin have pledged to “get rid of all the special-interest loopholes and tax shelters” that litter the code.

Republicans have declined to identify their targets. However, some of the biggest “loopholes” on the books are popular tax breaks for employer-provided health insurance, mortgage interest, state and local taxes, and retirement savings, which disproportionately benefit the upper middle class.

[sinkingfeeling]

1. I swear if the GOP wins in November, America is over. There will be absolutely

nothing left of the country as all expenditures will go to the 'security state' and none to the citizens of the country. Corporate rule will be complete and there will be no SCOTUS to block any of the fascists actions.

[avebury]

3. Agreed! nt

[emulatorloo]

4. Agreed.

[Scurrilous]

2. K & R