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Ryan Budget FY 13: Gutting Vital Programs for Women and Families, Giving Trillions in Tax Cuts to Millionaires and Corporations

The budget for Fiscal Year 2013 introduced by Rep. Paul Ryan (R-WI) proposes devastating cuts to programs especially important to women and their families: Medicare, Medicaid, child care, education, SNAP—and much more.  At the same time, it proposes trillions in new tax cuts for the wealthiest Americans and large corporations on top of the disproportionate benefits the very wealthy would receive from extending all of the Bush-era tax cuts.

The Ryan budget would slash critical services for women and their families by:

The Ryan budget would increase tax breaks for the wealthy and corporations by:

  • Extending all of the expiring tax cuts, including for the very wealthiest Americans, at a cost of more than $5 trillion over ten years.
  • Cutting the top personal and corporate income tax rates to 25 percent, eliminating the alternative minimum tax, exempting all corporate profits earned overseas from tax, and other tax changes at a cost of about $4.6 trillion over ten years. The top one percent of households would receive 45 percent of the benefits of these new tax cuts; 65 percent of the benefits would go to the top five percent.  The bottom 80 percent of households would get only about 20 percent of the tax benefits. 
  • Not specifying how these new tax cuts would be paid for, yet proposing to maintain the current preferential 15 percent tax rate for income from capital gains and dividends (a clear advantage for the very wealthy who receive the largest portion of investment income).   Depending on how and whether the new low tax rates for the very wealthy and corporations are paid for, they could result in a massive shift of the responsibility for paying taxes to the poor and the middle class, even deeper cuts in services for middle- and low-income people than those already in the Ryan budget, or trillions of dollars in additional debt.