Tumblr Icon RSS Icon

House GOP Tax Plan Raises Taxes On 10 Times As Many People As Democratic Proposal

By Travis Waldron on July 31, 2012 at 5:10 pm

"House GOP Tax Plan Raises Taxes On 10 Times As Many People As Democratic Proposal"

Share:

google plus icon

Senate Republicans last week proposed a plan that would raise taxes on more than 20 million Americans, while maintaining the high-end Bush tax cuts. Letting those tax cuts on income in excess of $250,000 expire would affect just two million wealthy taxpayers, by comparison.

Now, House Republicans have adopted the same plan, and the effect is the same: roughly 24 million middle- and lower-class Americans will see their taxes raised so that roughly two million of the richest taxpayers can maintain a tax cut, as this chart from the Center for American Progress’ Seth Hanlon and Sarah Ayres illustrate:

Even worse, more than a third of families with children — a total of 18.6 million households, including 9.2 million single parents — would see a tax increase, according to Hanlon and Ayres’ analysis:

According to the analysis, roughly 11 million American families would lose some or all of the American Opportunity Tax Credit, which provides a tax break on college tuition payments, at an average cost of $1,100 each. About 12 million would lose part or all of the Child Tax Credit, costing them an average of $800, and about 6 million would lose all or part of the Earned Income Tax Credit, which saves each recipient an average of $500.

The Senate GOP plan failed last week, as the Senate instead adopted a Democratic proposal that would extend a tax cut on just the first $250,000 in income.

‹ PREVIOUS
Former Dem Governor: GOP’s Tax Cut Ideology Is ‘Divorced From The Real World’

NEXT ›
Romney Praises Poland’s Economy, Where Government Plays A Larger Role Than The U.S.

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.