House Budget Committee Chairman Paul Ryan’s budget, which cuts taxes by $5.7 trillion over the next decade, would disproportionately benefit the nation’s top income earners, a new analysis by the non-partisan Tax Policy Center shows.
The top one percent of earners, who make more than $575,000, would see their taxes fall by an average $225,000. Those making $1 million or more per year would see an average annual tax break of $408,000, increasing their post-tax income by 20 percent. Taxpayers earning $40,000-50,000, meanwhile, would see their taxes cut by an average of $666, increasing their income by less than 2 percent. - Read more at The Washington Post
BEATING RYAN AT HIS OWN GAME The conservative Republican Study Committee introduced a budget plan that would eliminate the federal deficit within four years – more than twice as fast as the Ryan budget would. The major difference between the Wisconsin congressman’s and the RSC’s applies to Medicare. The RSC would make changes to Medicare for future beneficiaries age 59 and under. Ryan’s budget doesn’t touch Medicare benefits for those who are 54 and younger. - Read more at The Hill
IRS: MILLIONS UP FOR GRABS Some 985,000 taxpayers didn’t file federal tax returns in 2009, so the IRS is sitting on $917 million in refunds, the agency said Thursday. Half of the potential refunds are worth more than $500.- Read more at The Fiscal Times
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