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This is like a parody of Republican tax proposals. In its first year, the top 1 percent start off getting a mere 76 percent of the benefit. But as Table 5 shows, within ten years they get nearly 100 percent of the benefit. Ryan and the congressional Republicans manage this by giving the poor and middle class nothing and actually taking money away from the upper middle class. The only people who benefit are the rich and the really rich.
As for the really, really rich, the top 0.1 percent get an average tax break of $1.4 million, while the rest of us get about $3 trillion in extra federal debt and no long-term change in economic growth. What a deal.
POSTSCRIPT: I should note that for some reason TPC’s numbers don’t add up to 100 percent. This might mean there’s an error in the table. But even if there is, it’s a small one.
Originally posted here: