House GOP Budget Would Give Millionaires A $200,000 Tax Cut

The GOP plan, authored by Budget Committee Chairman Paul Ryan (R-WI), aims to reduce the top income tax rate to 25 percent and repeals many other taxes on the rich, including the Alternative Minimum Tax and increases included in Obamacare. Ryan wants to pay for the tax cut by closing loopholes and ending tax expenditures. The budget didn’t specify which loopholes and expenditures would be eliminated, but even if all of them that benefit the rich were done away with (except for preferences for capital gains and other investments, which Ryan has said he will keep), the budget would grant millionaires a tax cut in excess of $200,000. If it doesn’t eliminate loopholes, the tax cut would only grow larger, CTJ found: