ICYMI -- Washington Post: Analysis: By 2025, 99.6% of Paul Ryan’s tax cuts would go to the richest 1% of Americans

Today, Speaker Ryan is delivering another big speech – doing his best to spin House Republicans' longstanding campaign to stack the deck for the special interests.  But as the Washington Post reports, the non-partisan Tax Policy Center has exposed Speaker Ryan's toxic, trickle down agenda for what it is: a massive giveaway to the wealthiest Americans that would weaken our economy and hurt working families.

Washington Post

Analysis: By 2025, 99.6% of Paul Ryan's tax cuts would go to the richest 1% of Americans

September 16, 2016

By: Max Ehrenfreund

Excerpts:

The House Republicans' proposal for tax relief could force the government to borrow trillions of dollars to continue operating and might even weaken the economy, according to a new analysis from the nonpartisan Tax Policy Center.

By 2025, when the reductions would be fully implemented, 99.6 percent of the tax cuts would benefit the wealthiest 1 percent of Americans, according to the analysis. This group would enjoy the greatest relief as a share of their income (increasing their incomes after taxes by 10.6 percent on average) and in terms of dollars (an average annual savings of $240,000 for each household).

 …

The Tax Policy Center produced several sets of estimates for the effect of the GOP plans, one using a mathematical model of the economy designed to estimate effects in the short term, and another with a model for effects over the long term…

In the long term…the economy would be weaker under the Republican plan because the tax cuts would force the federal government to borrow more money to continue operating. This borrowing would add to the national debt, increasing interest rates and making it harder for businesses and households to get loans, according to the forecast. By 2036, the plan would reduce gross domestic product by 0.2 percent.

Without taking into account the short-term benefits to the economy, the GOP plan would reduce federal revenues by $3.1 trillion over the first 10 years. Taking those short-term benefits into account, the reduction in revenues would be $2.5 trillion.