Paul Ryan Would Likely See Healthy Tax Cut Under His Plan
Posted in the Snellville Forum
#1 Aug 18, 2012
Paul Ryan's tax plan would have saved the presumptive Republican vice presidential candidate and his wife Janna about $7,100 in 2011 -- enough to knock their effective tax rate down from 20 percent to less than 18 percent, a calculation by The Huffington Post found.
In 2011, Ryan and Janna paid $64,764 in taxes on income of $323,416, according to tax returns released Friday afternoon. If the tax code were rewritten as Ryan has proposed -- raising taxes for many lower-income taxpayers while reducing the tax burden for the wealthiest Americans, critics charge -- the family would owe $57,591 in taxes.
Ryan released his tax filings, which also include his return for 2010, in the midst of a controversy over whether his would-be boss should make public more of his own tax returns. Last week, Mitt Romney, who has thus far released his 2010 return and an estimated return for 2011, told reporters that he paid no less than 13 percent of his income in taxes for the past decade, in an effort to defuse an issue that has threatened to overshadow his economic message.
Romney pays a lower rate than most middle-class taxpayers because most of his income comes from investments, which are taxed at a lower rate than traditional income. If his running mate had his way, Romney would pay much less.
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