The non-partisan Tax Policy Center is out with a dismantling of Paul Ryan’s new budget proposal that hits its lack of specifics in much of the same way it slammed Mitt Romney’s tax-code revamp during the presidential campaign last summer.
In its study, the center concludes that Ryan’s budget would add $5.7 trillion to the deficit — because of proposals to simplify the income tax code to two levels of 10 and 25 percent, repeal the Alternative Minimum Tax, repeal certain tax increases from the Affordable Care Act, and cut the top corporate tax rate to 25 percent.
It’s “hard to imagine” Ryan’s budget plan working out to be revenue neutral, the TPC’s Howard Gleckman wrote in a blog post accompanying the study.
But if Ryan plans to implement those tax cuts and still make good on his promise to balance the budget, other taxes would have to be raised by $5.7 trillion.
According to the study, the Ryan budget’s tax cuts would also proportionately benefit upper-income earners. Here’s a look at each income bracket’s percent change in after-tax income looks in chart form: More…