While Mitt Romney would reportedly pay less than one percent of his income in taxes under Paul Ryan’s previous tax plan, most Americans making less than $200,000 would see a tax hike under the budget of Ryan proposed before his selection to be Romney’s running mate, according to a report by Sen. Robert Casey Jr. (D-Pa.)
Most of Romney’s income is comprised of interest income, capital gains and dividends, which are not taxed under the plan Ryan first introduced in 2010.
Ryan proposed two tax rates, 10 and 25 percent, instead of the current six.
The House Republican budget for the 2013 fiscal year, passed by the House in June, would raise taxes by $1,358 for jointly-filing households earning between $50,000 and $100,000, assuming the additional income is taxed at a 10 percent rate, according to a report published earlier this summer by the Joint Economic Committee of Congress, authored by its chairman, Casey.
Households with incomes between $100,000 and $200,000 would see their taxes increase by $2,681, the Joint Economic Committee said.
Rep. Ryan’s office did not return a request for comment.
The committee reported Ryan’s budget plan would give the richest Americans — those who make over $1 million — a tax break of about $300,000.