Howard Gleckman of the Urban-Brookings Tax Policy Center has a mostly positive take on former Congressional Budget Office Director Douglas Holtz-Eakin’s proposed four-step path to tax reform. Those steps (as Gleckman describes them) are, in order:
You’ve undoubtedly heard lots about how House Budget Committee Chairman Paul Ryan’s budget plan would give millionaires an average $265,000 apiece in new tax cuts, on top of the $129,000 apiece they would get from Ryan’s call to extend President Bush’s tax cuts. Have you also heard, however, that he wants to raise taxes for some other Americans? Want to guess who would bear the brunt of his tax hikes?
Senator Pat Toomey (R-PA) pounced on CNN’s Soledad O’Brien this week when she raised findings from an analysis that CBPP issued last fall of the tax plan that the Senator proposed to the congressional “Supercommittee.” Senator Toomey asserted that a finding that O’Brien cited — that his tax plan would raise taxes on people making less than $200,000 — was “factually wrong and ridiculous.”
Really? Let’s take a look:
In presenting his plan to the Supercommittee, Senator Toomey indicated it would:
The Urban-Brookings Tax Policy Center (TPC) has just released an analysis of Mitt Romney’s tax plan. The chart below, using TPC figures, shows how the plan would affect people in different income groups compared to extending current policies such as President Bush’s tax cuts, which are scheduled to expire at the end of 2012.