Paul Ryan’s new budget represents a path to prosperity for a few at the very top.
That’s the conclusion of a new report by the Center on Budget and Policy Priorities:
We estimate. . .that the individual income tax cuts specified in the Ryan budget (assuming they met their goals, including the 25 percent top rate) would give an average $330,000 a piece to households with annual incomes above $1 million — compared to an average $1,700 tax cut for middle-class households with incomes between $50,000 and $75,000 (see first chart).
The tax cuts would raise after-tax incomes by 15.4 percent among millionaire households but by just 1.8 percent for households with incomes between $50,000 and $75,000 (see second chart).
The runaway defeat of the Romney-Ryan ticket in last week’s election is a gift that just keeps on giving.
First, there’s Romney’s attempt to explain their loss by Obama’s “gifts” to various groups in the electorate.
What the president’s campaign did was focus on certain members of his base coalition, give them extraordinary financial gifts from the government, and then work very aggressively to turn them out to vote, and that strategy worked.
And then there’s the news that Romney and Ryan [ht: ja]—who sought to connect with voters in small- and medium-sized towns across Ohio by repeatedly telling them how much their community had in common with his own hometown of Janesville, Wisconsin—received only 37 percent of the votes of Ryan’s hometown neighbors. Meanwhile, Obama and Vice President Joe Biden got 62 percent of the Janesville vote.
The results were even slightly worse for Ryan from his own polling place at the Hedberg Public Library. Out of 1,428 votes cast there, 65% went for Obama-Biden and just 34% for Romney-Ryan.