[from Off the Charts blog]
The Urban-Brookings Tax Policy Center has published new numbers that show the Ryan plan would raise taxes on low-income working families — those making up to $30,000 a year. That’s because, while he would extend the Bush tax cuts, which are due to expire at the end of this year, he would not extend President Obama’s tax cuts for those with the lowest incomes, which will expire at the same time. Our updated report gives the details.
Chairman Ryan’s proposed tax hikes on low-income Americans would come even as, on the spending side, his budget would slash programs that assist this same population.
Specifically, people with incomes below $10,000 would see their after-tax incomes fall by 2 percent, on average. But people with incomes above $1 million would see their incomesrise by 12.5 percent (see graph).
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