Ryan: "Tax cuts must speed though choppy waters." Because, you know, millionaires.

[Miles Archer]

Ryan says Republican tax plan must speed through choppy waters: Reuters interview

WASHINGTON (Reuters) - U.S. House of Representatives Speaker Paul Ryan said on Wednesday that a sweeping Republican tax-cut plan is entering its toughest phase yet as lobbyists swarm Congress to try to protect valuable tax breaks.

Urging lawmakers to move quickly on the plan, Ryan said in an interview with Reuters that speedy action would prevent the legislation getting bogged down and deliver sooner the economic growth that Republicans expect from it.

Ryan referred to white-water rafting to describe how the tax overhaul effort is entering its toughest phase.

“We’ve been going through Class 3 rapids, which is a pleasant ride. It’s nice. Everybody pretty much stays in the boat and it’s pretty good. But we’re about to go through Class 5 rapids, which is the biggest rapid you can go through,” he said.

http://www.reuters.com/article/us-tax-ryan/ryan-says-republican-tax-plan-must-speed-through-choppy-waters-reuters-interview-idUSKBN1CU1T0

[Iliyah]

1. Forget healthcare, millionaries and billionaires need mo money

[ProfessorGAC]

2. Really It's Multi, Multi, Multi Millionaires Miles

Approaching retirement, my wife and i have assets well into 7 figures, but the tax cuts they're talking about will not, on a yearly basis, help us a whit.

As example, if someone has 1.5 million for retirement and they plan to pull $75k the first year with a modest COL increase for another 19 years, these tax cuts won't do a thing. They still only have a $75k income. The fairy tale about that being another $1,000 or $1,400 doesn't square with the numbers.

These tax cuts help, not millionaires, but people with so much money that their annual income is in the millions of dollars.

[jmowreader]

3. Professor, you forgot the real winners of this plan

People getting paid by stock options. Their rate - which, because of the way stock options are cashed in, is the long-term capital gains tax rate - goes from 23.8 percent to 20 percent, and it'll probably go lower.

The "average family will see a $4000 tax savings" is another version of the old joke where Bill Gates walks into a homeless shelter and everyone's instantly rich because the average worth of everyone in the building is now $25 million.

[ProfessorGAC]

5. Good Catch!

And retirement money is not taxed at the dividend rate. It's taxed like regular income, so having money that one has to live off the rest of one's life gets no benefit in this "generous" tax plan.

And i think we know that $4k is a flat out lie. It's not an overestimate. It's a lie!

[FSogol]

4. Ryan, 'Haven't the billionaires suffered enough?"

[onethatcares]

6. "we're about to go through Class 5 rapids"

and you poor folk get ready to drown cause you don't deserve a retirement.