President Obama's proposed 2013 budget was released today and Ezra Klein has a nice chart at WonkBlog summarizing what your tax bill would look like under President Obama vs. a President Romney:
According to the article, which is worth reading in its entirety:
Obama’s plan would raise revenues to 19.2 percent of GDP. Most of that would come from people making more than $250,000 a year. Back in September, the nonpartisan Tax Policy Center ran the numbers on his proposal — which is unchanged in the budget — and they estimated that taxpayers in the bottom 20 percent would pay an average federal tax rate of 1.8 percent, those in the middle 20 percent would pay 15.2 percent, and the top 1 percent would pay 36.3 percent.
Romney’s plan cuts taxes to about 17 percent of GDP. Most of those cuts would accrue to upper-income Americans. According to the Tax Policy Center, under Romney’s plan, taxpayers in the bottom 20 percent would pay a rate of 3.4 percent, those in the middle 20 percent would pay a rate of 15.6 percent, and the top 1 percent would pay 25.9 percent.
Meanwhile, Buzzfeed links to two charts below from Whitehouse.gov showing National Debt will break 25 Trillion by 2021 under this Budget proposal even though it is a decrease in National Debt as a percentage of GDP (via @joenbc):
0 comments:
Post a Comment