Cheerful Charlie
Contributor
http://thinkprogress.org/economy/2016/07/06/3795732/ryan-tax-plan-analysis/
"House Speaker Paul Ryan (R-WI) has been rolling out his “Better Way” agenda, a slate of proposals meant to offer new ideas from the Republican Party to benefit the country, over a number of weeks. The final plank was a tax plan full of recycled conservative ideas.
And now two analyses show that no matter how one looks at it, the package of tax reforms would overwhelmingly help the wealthy the most and leave little for everyone else."
...
CTJ, which doesn’t use a dynamic model, finds the plan would cost $4 trillion over a decade, mostly due to a big reduction in corporate taxes. The Tax Foundation found that on a static basis, with no baked-in assumptions, the plan would cost $2.4 trillion over a decade. That figure is significantly reduced when the group assumes that the package would increase GDP by 9.1 percent, wages by 7.7 percent, and jobs by 1.7 million — coming in at $191 billion. That kind of GDP growth hasn’t been seen in decades; the economy grew by 3 percent, on average, between 1969 and 2007. Even so, the plan still comes at a significant cost even if those things come to pass.
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Here we go again, massive deficits, big tax cuts for the rich and rosy scenario's promising the tax cuts will pay for themselves.
Just like Gov. Brownback's claims. Heads up everybody!
"House Speaker Paul Ryan (R-WI) has been rolling out his “Better Way” agenda, a slate of proposals meant to offer new ideas from the Republican Party to benefit the country, over a number of weeks. The final plank was a tax plan full of recycled conservative ideas.
And now two analyses show that no matter how one looks at it, the package of tax reforms would overwhelmingly help the wealthy the most and leave little for everyone else."
...
CTJ, which doesn’t use a dynamic model, finds the plan would cost $4 trillion over a decade, mostly due to a big reduction in corporate taxes. The Tax Foundation found that on a static basis, with no baked-in assumptions, the plan would cost $2.4 trillion over a decade. That figure is significantly reduced when the group assumes that the package would increase GDP by 9.1 percent, wages by 7.7 percent, and jobs by 1.7 million — coming in at $191 billion. That kind of GDP growth hasn’t been seen in decades; the economy grew by 3 percent, on average, between 1969 and 2007. Even so, the plan still comes at a significant cost even if those things come to pass.
-----
Here we go again, massive deficits, big tax cuts for the rich and rosy scenario's promising the tax cuts will pay for themselves.
Just like Gov. Brownback's claims. Heads up everybody!
