Matthew O’Brien calculates Romney’s taxes (on the ONE year we have) with Paul Ryan’s tax plan and finds: Mitt Romney would pay 0.82 percent in taxes under Paul Ryan’s Plan:
“In 2010 — the only year we have seen a full return from him — Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney’s income came from capital gains, interest, and dividends. And Ryan wants to eliminate all taxes on capital gains, interest and dividends.
“[...] It might seem impossible to fund the government when the super-rich pay no taxes. That is accurate. Ryan would actually raise taxes on the bottom 30 percent of earners, according to the nonpartisan Tax Policy Center, but that hardly fills the revenue hole he would create. The solution? All but eliminate all government outside of Social Security and defense — a point my colleagueDerek Thompson has made in incredible chart form…”
Steven Dennis at Rollcall agrees, saying Ryan’s plan “would have slashed Mitt Romney’s effective tax rate to about 1 percent in 2010″:
“The Ryan tax cut, which would shave about 90 percent off of Romney’s tax bill, would result from the Wisconsin Republican’s “Roadmap for America’s Future” proposal to eliminate taxes on capital gains, dividends and interest. Since about 95 percent of Romney’s $21.6 million income came from those sources in 2010, he would pay no taxes on the vast majority of his earnings. It’s not certain exactly how low Romney’s tax bill would go, but his income from other sources amounts to about $1 million, and Ryan’s plan would set a new top rate of 25 percent. Romney’s total tax bill would have dropped from the $3 million that he paid to a few hundred thousand dollars if Ryan’s plan had been in effect. Ryan also proposes eliminating the estate tax, which would benefit Romney’s heirs by tens of millions of dollars.”
Kevin Drum piles on:
“The Joint Economic Committee released an analysis today of the tax implications of Paul Ryan’s “Path to Prosperity,” based partly on work from the Tax Policy Center, and you will be unsurprised at their conclusions. The chart [below], a rough conversion from JEC’s raw numbers into percentages, tells the tale: if you’re part of the middle class, your taxes will probably go up. If you’re rich, your taxes will go way, way down.
“[...] In any case, if Ryan thinks this is unfair, all he has to do is release a plan of his own that can be scored in the normal way. The fact that he consistently refuses to do so tells you all you need to know about how serious he really is about this stuff. Answer: not at all.”
If this chart doesn’t illustrate “class warfare” and bottom-to-top income redistribution, I don’t know what does.