Ryan budegt eliminates loopholes for wealthy, leaves middle-class write-offs in place

[Syphon]

Democrats should love this. why don't they? Because a Republican proposed it.

GOP Budget Would Strip Loopholes For Top Earners, Rep. Paul Ryan Says | Fox News

The Republican chairman of the House Budget Committee said Sunday that his controversial budget proposal would target high-income Americans, by specifically eliminating deductions and loopholes for the wealthy while leaving "middle-income tax writeoffs" in place.

"Take away the tax shelter, subject all of their income to taxation, and get more revenue -- and we can lower everybody's tax rate in return," Ryan, R-Wis., said.

Top Democrat says GOP tax plan hurts the middle class - The Hill's On The Money

Paul Ryan’s budget hurts the poor - The Washington Post

Paul Ryan, outlining his latest budget proposal in the House TV studio Tuesday morning, said the policies of the Republican presidential nominees “perfectly jibe” with his plan, which slashes the safety net to pay for tax cuts mostly for wealthy Americans.

Ryan would cut $770 billion over 10 years from Medicaid and other health programs for the poor, compared with President Obama’s budget. He takes an additional $205 billion from Medicare, $1.6 trillion from the Obama health-care legislation and $1.9 trillion from a category simply labeled “other mandatory.” Pressed to explain this magic asterisk, Ryan allowed that the bulk of those “other mandatory” cuts come from food stamps, welfare, federal employee pensions and support for farmers.

yup lets take more from the poor and middle class, well done Mr. Ryan

 

[Conservative]

I read somewhere that the Ryan budget doesn't actually identify the loopholes that would be closed, the credits and subsidies that would be ended, etc.

Is that true?

If that's true, all I can say is,

LOL.

considering that is all worked out AFTER the proposal is submitted, just like the Democratic budget proposals are, I'd say you're a whiny little baby for wanting details from the GOP and not the Dems.

 

[Conservative]

I call your dufus and raise you a negative rep for being an incivil bore. I'm not about to read budgets; my experience is that budgets are only plans, and plans change as circumstances change. I suggest the next time you post a link you read it and if something in the link makes your arguament weak deal with it in the context of your post.

where's all the whining from libtard asshats like you about Obamas budget proposal lacking the same detail you cry that Ryan did not include???

jackwagon.

You've lost any credibility you might have had by acting out as a punk. It seems in your case that's not an act. If you had integrity you would accept valid criticism or counter it with a reasoned argument or humor. Instead you default to the profane and mendacity - a common occurance on this forum.

I have never commented on Obama's budget proposal, I have supported his policy ideas which may or may not have been part of a future budget, but as I posted I don't 'read' budgets. Apparently members of Congress don't either.

how is you taking the word of the White House instead of actually READING the proposal (you admitted you have not), a valid criticism? Answer: It isn't.

 

[NYcarbineer]

I read somewhere that the Ryan budget doesn't actually identify the loopholes that would be closed, the credits and subsidies that would be ended, etc.

Is that true?

If that's true, all I can say is,

LOL.

considering that is all worked out AFTER the proposal is submitted, just like the Democratic budget proposals are, I'd say you're a whiny little baby for wanting details from the GOP and not the Dems.

So you just admitted that your thread is based on bullshit. You just proved my point in one of my posts below.

 

[NYcarbineer]

Actually, I did read his budget proposal, as you'd know if you looked at the other thread where I linked to it.

As for the first statement you just made, here's the ENTIRE section from my link...


Rather than actually show me in Ryan's plan where this happens, you took the word of a White House adviser. Way to make up your own mind, dufus.

If you've read his budget then it shouldn't be hard for you to link us to all the loopholes, subsidies, credits that will be closed that will show us how this budget is NOT a big tax cut for the Rich.

So do that, please.

you left out the word 'proposal', dipshit. The details need to be worked out...

JUST like the details in the last PROPOSAL that Obama submitted need to be worked out.

Of course, libtards like you fail to whine about Obamas budget proposal lacking specifics... only the GOP needs to include specifics. If it's a Dem plan, by definition it must be perfect and good and wonderful

Funny that.

Your thread title says "Ryan BUDGET eliminates loopholes for wealthy..."

So,

SHOW US THE LOOPHOLES HIS BUDGET ELIMINATES.

 

[uscitizen]

Way to "accentuate the positive" there, Pollyanna. We should just ignore how incredibly horrible the rest of the budget is and just concentrate on that one little thing. Brilliant!

What budget?

The Dems left without one- not doing their job - and they keep blocking one. It's been years now.

What happened to the bipartisan agreement for across the board cuts?

 

[uscitizen]

If you've read his budget then it shouldn't be hard for you to link us to all the loopholes, subsidies, credits that will be closed that will show us how this budget is NOT a big tax cut for the Rich.

So do that, please.

you left out the word 'proposal', dipshit. The details need to be worked out...

JUST like the details in the last PROPOSAL that Obama submitted need to be worked out.

Of course, libtards like you fail to whine about Obamas budget proposal lacking specifics... only the GOP needs to include specifics. If it's a Dem plan, by definition it must be perfect and good and wonderful

Funny that.

Your thread title says "Ryan BUDGET eliminates loopholes for wealthy..."

So,

SHOW US THE LOOPHOLES HIS BUDGET ELIMINATES.

My point earlier is that I do not think ANY are specified.

 

[NYcarbineer]

I think the OP's slow motion tantrum in this thread, in reaction to his being asked to come up with some facts, is about all you need to know about the Ryan budget.

 

[Conservative]

you left out the word 'proposal', dipshit. The details need to be worked out...

JUST like the details in the last PROPOSAL that Obama submitted need to be worked out.

Of course, libtards like you fail to whine about Obamas budget proposal lacking specifics... only the GOP needs to include specifics. If it's a Dem plan, by definition it must be perfect and good and wonderful

Funny that.

Your thread title says "Ryan BUDGET eliminates loopholes for wealthy..."

So,

SHOW US THE LOOPHOLES HIS BUDGET ELIMINATES.

My point earlier is that I do not think ANY are specified.

and like the Obama proposal, they would not be.

 

[Conservative]

I think the OP's slow motion tantrum in this thread, in reaction to his being asked to come up with some facts, is about all you need to know about the Ryan budget.

Sorry I did not check the title the link created for the word 'proposal'. My bad.

 

[NYcarbineer]

you left out the word 'proposal', dipshit. The details need to be worked out...

JUST like the details in the last PROPOSAL that Obama submitted need to be worked out.

Of course, libtards like you fail to whine about Obamas budget proposal lacking specifics... only the GOP needs to include specifics. If it's a Dem plan, by definition it must be perfect and good and wonderful

Funny that.

Your thread title says "Ryan BUDGET eliminates loopholes for wealthy..."

So,

SHOW US THE LOOPHOLES HIS BUDGET ELIMINATES.

My point earlier is that I do not think ANY are specified.

Of course they're not specified. They're either politically toxic or they're Easter Bunny cuts -

something only a child could possibly believe is real.

 

[NYcarbineer]

I think the OP's slow motion tantrum in this thread, in reaction to his being asked to come up with some facts, is about all you need to know about the Ryan budget.

Sorry I did not check the title the link created for the word 'proposal'. My bad.

Relax we're all friends here.

 

[Conservative]

Funny that.

Your thread title says "Ryan BUDGET eliminates loopholes for wealthy..."

So,

SHOW US THE LOOPHOLES HIS BUDGET ELIMINATES.

My point earlier is that I do not think ANY are specified.

Of course they're not specified. They're either politically toxic or they're Easter Bunny cuts -

something only a child could possibly believe is real.

they are not specified, because like the obama budget PROPOSAL, it is a PROPOSAL... nto a detailed plan.

where was your outrage at the lack of certain details and specifics when the Obama proposal was begin discussed on the board? non-existent.

 

[Greenbeard]

where's all the whining from libtard asshats like you about Obamas budget proposal lacking the same detail you cry that Ryan did not include???

Probably nonexistent, since Obama's budget does contain specific tax proposals.

Tax/revenue provisions in Ryan's "plan," as submitted to the CBO for analysis:

The path for revenues as a percentage of GDP was specified by Chairman Ryan’s staff. The path rises steadily from about 15 percent of GDP in 2010 to 19 percent in 2028 and remains at that level thereafter. There were no specifications of particular revenue provisions that would generate that path.

Tax/revenue provision in Obama's budget, complete with estimates of the fiscal impact of each in every year through 2022:

Tax Proposals:

Tax cuts for families and individuals:

• Extend exclusion from income for cancellation of certain home mortgage debt
• Extend American opportunity tax credit (AOTC)
• Provide for automatic enrollment in IRAs, including an employer tax credit, and doubling of the tax credit for small employer plan start-up costs
• Expand earned income tax credit (EITC) for larger families
• Expand child and dependent care tax credit
• Provide exclusion from income for student loan forgiveness for students after 25 years of income-based or income- contingent repayment
• Provide exclusion from income for student loan forgiveness and for certain scholarship amounts for participants in the IHS Health Professions Programs

Incentives for expanding manufacturing and insourcing jobs in America:

• Provide tax incentives for locating jobs and business activity in the United States and remove tax deductions for shipping jobs overseas
• Provide new Manufacturing Communities tax credit
• Target the domestic production activities deduction to domestic manufacturing activities and double the deduction for advanced manufacturing activities
• Enhance and make permanent the research and experimentation tax credit
• Provide a tax credit for the production of advanced technology vehicles
• Provide a tax credit for medium- and heavy-duty alternative-fuel commercial vehicles
• Extend and modify certain energy incentives

Tax cuts for small business:

• Eliminate capital gains taxation on investments in small business stock
• Double the amount of expensed start-up expenditures
• Expand and simplify the tax credit provided to qualified small employers for non-elective contributions to employee health insurance

Incentives to promote regional growth:

• Extend and modify the New Markets tax credit
• Designate Growth Zones
• Modify tax-exempt bonds for Indian tribal governments
• Allow current refundings of State and local governmental bonds
• Reform and expand the Low-Income Housing tax credit

Continue certain expiring provisions through calendar year 2013
Upper-income tax provisions:

• Sunset the Bush tax cuts for those with income in excess of $250,000 ($200,000 if single):
  • Reinstate the personal exemption phaseout for upper-income taxpayers
  • Reinstate the 36% and 39.6% rates for upper-income taxpayers
  • Tax qualified dividends as ordinary income for upper-income taxpayers
  • Tax net long-term capital gains at a 20% rate for upper-income taxpayers
• Reduce the value of certain tax expenditures

Modify estate and gift tax provisions:

• Restore the estate, gift and generation- skipping transfer (GST) tax parameters in effect in 2009
• Require consistency in value for transfer and income tax purposes
• Modify rules on valuation discounts
• Require a minimum term for grantor retained annuity trusts (GRATs)
• Limit duration of GST tax exemption
• Coordinate certain income and transfer tax rules applicable to grantor trusts
• Extend the lien on estate tax deferrals provided under section 6166

Reform U.S. international tax system:

• Defer deduction of interest expense related to deferred income of foreign subsidiaries
• Determine the foreign tax credit on a pooling basis
• Tax currently excess returns associated with transfers of intangibles offshore
• Limit shifting of income through intangible property transfers
• Disallow the deduction for excess non- taxed reinsurance premiums paid to affiliates
• Limit earnings stripping by expatriated entities
• Modify tax rules for dual capacity taxpayers
• Tax gain from the sale of a partnership interest on look-through basis
• Prevent use of leveraged distributions from related foreign corporations to avoid dividend treatment .
• Extend section 338(h)(16) to certain asset acquisitions
• Remove foreign taxes from a section 902 corporation’s foreign tax pool when earnings are eliminated

Reform treatment of financial and insurance industry institutions and products:

• Require accrual of income on forward sale of corporate stock
• Require ordinary treatment of income from day-to-day dealer activities for certain dealers of equity options and commodities
• Modify the definition of “control” for purposes of section 249
• Modify rules that apply to sales of life insurance contracts
• Modify proration rules for life insurance company general and separate accounts
• Expand pro rata interest expense disallowance for corporate- owned life insurance (COLI)

Eliminate fossil fuel tax preferences:

• Eliminate oil and gas preferences:
  • Repeal enhanced oil recovery credit
  • Repeal credit for oil and gas produced from marginal wells
  • Repeal expensing of intangible drilling costs
  • Repeal deduction for tertiary injectants
  • Repeal exception to passive loss limitations for working interests in oil and natural gas properties
  • Repeal percentage depletion for oil and natural gas wells
  • Increase geological and geophysical amortization period for independent producers to seven years
• Eliminate coal preferences:
  • Repeal expensing of exploration and development costs
  • Repeal percentage depletion for hard mineral fossil fuels
  • Repeal capital gains treatment for royalties

Other revenue changes and loophole closers:

• Increase Oil Spill Liability Trust Fund financing rate by one cent and update the law to include other sources of crudes
• Reinstate Superfund taxes
• Make unemployment insurance surtax permanent
• Repeal LIFO method of accounting for inventories
• Repeal lower-of-cost-or-market inventory accounting method
• Eliminate special depreciation rules for purchases of general aviation passenger
  aircraft
• Repeal gain limitation for dividends received in reorganization exchanges
• Tax carried (profits) interests as ordinary income
• Expand the definition of built-in loss for purposes of partnership loss transfers
• Extend partnership basis limitation rules to nondeductible expenditures
• Limit the importation of losses under section 267(d)
• Deny deduction for punitive damages
• Eliminate the deduction for contributions of conservation easements on golf courses

Reduce the tax gap and make reforms:

• Expand information reporting:
  • Require information reporting for private separate accounts of life insurance companies
  • Require a certified Taxpayer Identification Number (TIN) from contractors and allow certain withholding
• Improve compliance by businesses:
  • Require greater electronic filing of returns
  • Authorize the Department of the Treasury to require additional information to be included in electronically filed Form 5500 Annual Reports
  • Implement standards clarifying when employee leasing companies can be held liable for their clients’ Federal employment taxes
  • Increase certainty with respect to worker classification
  • Repeal special estimated tax payment provision for certain insurance companies
  • Eliminate special rules modifying the amount of estimated tax payments by corporations
• Strengthen tax administration:
  • Streamline audit and adjustment procedures for large partnerships
  • Revise offer-in-compromise application rules
  • Expand IRS access to information in the National Directory of New Hires for tax administration purposes
  • Make repeated willful failure to file a tax return a felony
  • Facilitate tax compliance with local jurisdictions
  • Extend statute of limitations where State adjustment affects Federal tax liability
  • Improve investigative disclosure statute
  • Require taxpayers who prepare their returns electronically but file their returns on paper to print their returns with a 2-D bar code
  • Allow the IRS to absorb credit and debit card processing fees for certain tax payments
  • Improve and make permanent the provision authorizing the IRS to disclose certain return information to certain prison officials
  • Extend IRS math error authority in certain circumstances
  • Impose a penalty on failure to comply with electronic filing requirements ....

Simplify the tax system:

• Simplify the rules for claiming the EITC for workers without qualifying children
• Eliminate minimum required distribution (MRD) requirements for IRA/plan balances of $75,000 or less
• Allow all inherited plan and IRA accounts to be rolled over within 60 days
• Clarify exception to recapture of unrecognized gain on sale of stock to an ESOP
• Repeal non-qualified preferred stock designation
• Repeal preferential dividend rule for publicly offered REITs
• Reform excise tax based on investment income of private foundations
• Remove bonding requirements for certain taxpayers subject to Federal excise taxes on distilled spirits, wine, and beer
• Simplify arbitrage investment restrictions Simplify single-family housing mortgage
  bond targeting requirements
• Streamline private business limits on governmental bonds

Trade initiatives:

• Establish Reconstruction Opportunity Zones:

Other initiatives:

• Authorize the limited sharing of business tax return information to improve the accuracy of important measures of our economy
• Eliminate certain reviews conducted by the U.S. Treasury Inspector General for Tax Administration (TIGTA)
• Modify indexing to prevent deflationary adjustments

 

[starcraftzzz]

Democrats should love this. why don't they? Because a Republican proposed it.

]

Mostly because Ryan cant name a single loopholes he'd close

 

[NYcarbineer]

My point earlier is that I do not think ANY are specified.

Of course they're not specified. They're either politically toxic or they're Easter Bunny cuts -

something only a child could possibly believe is real.

they are not specified, because like the obama budget PROPOSAL, it is a PROPOSAL... nto a detailed plan.where was your outrage at the lack of certain details and specifics when the Obama proposal was begin discussed on the board? non-existent.

Ryan didn't have any trouble detailing the tax cuts he's proposing.

 

[NYcarbineer]

where's all the whining from libtard asshats like you about Obamas budget proposal lacking the same detail you cry that Ryan did not include???

Probably nonexistent, since Obama's budget does contain specific tax proposals.

Tax/revenue provisions in Ryan's "plan," as submitted to the CBO for analysis:

The path for revenues as a percentage of GDP was specified by Chairman Ryan’s staff. The path rises steadily from about 15 percent of GDP in 2010 to 19 percent in 2028 and remains at that level thereafter. There were no specifications of particular revenue provisions that would generate that path.

Tax/revenue provision in Obama's budget, complete with estimates of the fiscal impact of each in every year through 2022:

Tax Proposals:

Tax cuts for families and individuals:

• Extend exclusion from income for cancellation of certain home mortgage debt
• Extend American opportunity tax credit (AOTC)
• Provide for automatic enrollment in IRAs, including an employer tax credit, and doubling of the tax credit for small employer plan start-up costs
• Expand earned income tax credit (EITC) for larger families
• Expand child and dependent care tax credit
• Provide exclusion from income for student loan forgiveness for students after 25 years of income-based or income- contingent repayment
• Provide exclusion from income for student loan forgiveness and for certain scholarship amounts for participants in the IHS Health Professions Programs

Incentives for expanding manufacturing and insourcing jobs in America:

• Provide tax incentives for locating jobs and business activity in the United States and remove tax deductions for shipping jobs overseas
• Provide new Manufacturing Communities tax credit
• Target the domestic production activities deduction to domestic manufacturing activities and double the deduction for advanced manufacturing activities
• Enhance and make permanent the research and experimentation tax credit
• Provide a tax credit for the production of advanced technology vehicles
• Provide a tax credit for medium- and heavy-duty alternative-fuel commercial vehicles
• Extend and modify certain energy incentives

Tax cuts for small business:

• Eliminate capital gains taxation on investments in small business stock
• Double the amount of expensed start-up expenditures
• Expand and simplify the tax credit provided to qualified small employers for non-elective contributions to employee health insurance

Incentives to promote regional growth:

• Extend and modify the New Markets tax credit
• Designate Growth Zones
• Modify tax-exempt bonds for Indian tribal governments
• Allow current refundings of State and local governmental bonds
• Reform and expand the Low-Income Housing tax credit

Continue certain expiring provisions through calendar year 2013
Upper-income tax provisions:

• Sunset the Bush tax cuts for those with income in excess of $250,000 ($200,000 if single):
  • Reinstate the personal exemption phaseout for upper-income taxpayers
  • Reinstate the 36% and 39.6% rates for upper-income taxpayers
  • Tax qualified dividends as ordinary income for upper-income taxpayers
  • Tax net long-term capital gains at a 20% rate for upper-income taxpayers
• Reduce the value of certain tax expenditures

Modify estate and gift tax provisions:

• Restore the estate, gift and generation- skipping transfer (GST) tax parameters in effect in 2009
• Require consistency in value for transfer and income tax purposes
• Modify rules on valuation discounts
• Require a minimum term for grantor retained annuity trusts (GRATs)
• Limit duration of GST tax exemption
• Coordinate certain income and transfer tax rules applicable to grantor trusts
• Extend the lien on estate tax deferrals provided under section 6166

Reform U.S. international tax system:

• Defer deduction of interest expense related to deferred income of foreign subsidiaries
• Determine the foreign tax credit on a pooling basis
• Tax currently excess returns associated with transfers of intangibles offshore
• Limit shifting of income through intangible property transfers
• Disallow the deduction for excess non- taxed reinsurance premiums paid to affiliates
• Limit earnings stripping by expatriated entities
• Modify tax rules for dual capacity taxpayers
• Tax gain from the sale of a partnership interest on look-through basis
• Prevent use of leveraged distributions from related foreign corporations to avoid dividend treatment .
• Extend section 338(h)(16) to certain asset acquisitions
• Remove foreign taxes from a section 902 corporation’s foreign tax pool when earnings are eliminated

Reform treatment of financial and insurance industry institutions and products:

• Require accrual of income on forward sale of corporate stock
• Require ordinary treatment of income from day-to-day dealer activities for certain dealers of equity options and commodities
• Modify the definition of “control” for purposes of section 249
• Modify rules that apply to sales of life insurance contracts
• Modify proration rules for life insurance company general and separate accounts
• Expand pro rata interest expense disallowance for corporate- owned life insurance (COLI)

Eliminate fossil fuel tax preferences:

• Eliminate oil and gas preferences:
  • Repeal enhanced oil recovery credit
  • Repeal credit for oil and gas produced from marginal wells
  • Repeal expensing of intangible drilling costs
  • Repeal deduction for tertiary injectants
  • Repeal exception to passive loss limitations for working interests in oil and natural gas properties
  • Repeal percentage depletion for oil and natural gas wells
  • Increase geological and geophysical amortization period for independent producers to seven years
• Eliminate coal preferences:
  • Repeal expensing of exploration and development costs
  • Repeal percentage depletion for hard mineral fossil fuels
  • Repeal capital gains treatment for royalties

Other revenue changes and loophole closers:

• Increase Oil Spill Liability Trust Fund financing rate by one cent and update the law to include other sources of crudes
• Reinstate Superfund taxes
• Make unemployment insurance surtax permanent
• Repeal LIFO method of accounting for inventories
• Repeal lower-of-cost-or-market inventory accounting method
• Eliminate special depreciation rules for purchases of general aviation passenger
  aircraft
• Repeal gain limitation for dividends received in reorganization exchanges
• Tax carried (profits) interests as ordinary income
• Expand the definition of built-in loss for purposes of partnership loss transfers
• Extend partnership basis limitation rules to nondeductible expenditures
• Limit the importation of losses under section 267(d)
• Deny deduction for punitive damages
• Eliminate the deduction for contributions of conservation easements on golf courses

Reduce the tax gap and make reforms:

• Expand information reporting:
  • Require information reporting for private separate accounts of life insurance companies
  • Require a certified Taxpayer Identification Number (TIN) from contractors and allow certain withholding
• Improve compliance by businesses:
  • Require greater electronic filing of returns
  • Authorize the Department of the Treasury to require additional information to be included in electronically filed Form 5500 Annual Reports
  • Implement standards clarifying when employee leasing companies can be held liable for their clients’ Federal employment taxes
  • Increase certainty with respect to worker classification
  • Repeal special estimated tax payment provision for certain insurance companies
  • Eliminate special rules modifying the amount of estimated tax payments by corporations
• Strengthen tax administration:
  • Streamline audit and adjustment procedures for large partnerships
  • Revise offer-in-compromise application rules
  • Expand IRS access to information in the National Directory of New Hires for tax administration purposes
  • Make repeated willful failure to file a tax return a felony
  • Facilitate tax compliance with local jurisdictions
  • Extend statute of limitations where State adjustment affects Federal tax liability
  • Improve investigative disclosure statute
  • Require taxpayers who prepare their returns electronically but file their returns on paper to print their returns with a 2-D bar code
  • Allow the IRS to absorb credit and debit card processing fees for certain tax payments
  • Improve and make permanent the provision authorizing the IRS to disclose certain return information to certain prison officials
  • Extend IRS math error authority in certain circumstances
  • Impose a penalty on failure to comply with electronic filing requirements ....

Simplify the tax system:

• Simplify the rules for claiming the EITC for workers without qualifying children
• Eliminate minimum required distribution (MRD) requirements for IRA/plan balances of $75,000 or less
• Allow all inherited plan and IRA accounts to be rolled over within 60 days
• Clarify exception to recapture of unrecognized gain on sale of stock to an ESOP
• Repeal non-qualified preferred stock designation
• Repeal preferential dividend rule for publicly offered REITs
• Reform excise tax based on investment income of private foundations
• Remove bonding requirements for certain taxpayers subject to Federal excise taxes on distilled spirits, wine, and beer
• Simplify arbitrage investment restrictions Simplify single-family housing mortgage
  bond targeting requirements
• Streamline private business limits on governmental bonds

Trade initiatives:

• Establish Reconstruction Opportunity Zones:

Other initiatives:

• Authorize the limited sharing of business tax return information to improve the accuracy of important measures of our economy
• Eliminate certain reviews conducted by the U.S. Treasury Inspector General for Tax Administration (TIGTA)
• Modify indexing to prevent deflationary adjustments

For lack of a better word...

...awesome!

 

[edthecynic]

Democrats should love this. why don't they? Because a Republican proposed it.

GOP Budget Would Strip Loopholes For Top Earners, Rep. Paul Ryan Says | Fox News

The Republican chairman of the House Budget Committee said Sunday that his controversial budget proposal would target high-income Americans, by specifically eliminating deductions and loopholes for the wealthy while leaving "middle-income tax writeoffs" in place.

"Take away the tax shelter, subject all of their income to taxation, and get more revenue -- and we can lower everybody's tax rate in return," Ryan, R-Wis., said.

Which loopholes?

All just vague hooplah so far and what would emerge from congress would bear little resemblance to what is being said now.

That would be telling, and Lyin' Ryan ain't talking!!! No siree!!!

 

[edthecynic]

Democrats should love this. why don't they? Because a Republican proposed it.

GOP Budget Would Strip Loopholes For Top Earners, Rep. Paul Ryan Says | Fox News

Does the Ryan plan result in a net tax increase, cut, or no change for high income Americans?

You tell me. What do YOU think will happen if you remove tax loopholes & deductions for the wealthy, take away the shelters and subject ALL income to taxation?

What always happens, Lyin' Ryan and the GOP will cut the taxes of the rich by a greater amount than they lost in deductions. And make no mistake about it, Lyin' Ryan and the GOP are cutting the tax rate of the rich.

 

[francoHFW]

Cut taxes on the rich and destroy Medicare! Worked great for Pubs here- First Dem ever was elected last year.