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MItt Romney Wants a 12.5% Tax Break that you Pay For

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Published on Jun 21, 2012

There's a picture floating around of Congressman Paul Ryan and MItt Romney. Congressman Paul Ryan wants to give Mitt Romney a tax break worth millions of dollars. And if Paul Ryan wanted to give you the same sort of tax break - then you'd probably be hugging him too. But he doesn't want to give you a tax break - in fact - he wants to raise your taxes in order to pay for the tax break he wants to give to Mitt Romney. Here's what's going on...The congressional joint economic committee just released a new study on the paul ryan republican budget - which passed out of the house earlier this year thanks to the support of nearly every single republican. And what they found is - millionaires like Mitt Romney would get a 12.5% tax break. Considering Mitt Romney is worth about $260 million bucks and makes tens of millions a year - that comes out to a pretty hefty million tax break courtesy of his buddy Paul Ryan. That goes on top of the sizeable $77,000 tax break romney got by writing off his wife's horse as a tax deduction. A side note: Ann Romney really loves horses. Unfortunately for the rest of us, who aren't worth $260 million and don't have an addiction to dressage horses that we can write off as tax deductions -

The Ryan plan would actually raise our taxes. As the Washington Post points out: "the tax reform plan that house republicans have advanced would sharply cut taxes for the wealthiest americans and could leave middle-class households facing much larger tax bills." Here's how it all breaks down - the Ryan plan creates just two tax brackets - drastically lowering the top income tax down to 25% and creating a second income tax rate of 10% for working people. That might looks like a good deal for everyone - but paul Ryan also eliminates a lot of tax deductions used by working people - so the end result actually works out to a tax increase for low and middle income Americans. These are the facts - the Paul Ryan budget, which - again - was voted on by nearly every single republican in the house - raises taxes on working people. I guess we've found the unwritten exception to millionaire and k street lobbyist grover norquist's pledge - tax increases are ok when they hit working people, but not okay when they hit rich people like Mitt Romney, Grover Norquist, and the Koch Brothers.

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