House Budget Committee Chairman Paul Ryan (R-WI) previewed the latest version of his budget, which consisted of repetition from his last budget, most noticeably the assumption of being able to repeal Obamacare (for the 34th time). In an editorial in the Wall Street Journal, Ryan highlights his ‘new’ ideas which echo his old ideas, with the exception of being far more generous to corporations and the wealthy. While attempting to change the GOP’s image as the Party for the Rich, Ryan is confirming that they are indeed, the Party of and for the Rich.
Think Progress reports:
Estimates showed that past plans amounted to $3 trillion tax giveaways to the wealthy, but because of tax increases that took effect in 2013, Ryan’s newest tax cut is even larger. The federal government in all would lose a total of $7 trillion in revenue, according to Center for American Progress Tax and Budget Policy Director Michael Linden, the majority of which would go to the richest Americans and corporations. Reducing the corporate income tax to 25 percent would provide a tax break of more than $1 trillion; further tax changes would result in even bigger cuts. Trillions more would go to the wealthy.
Romney and Ryan also insisted that their proposal would cut taxes for every American (especially the wealthy) while not adding a dime to the federal deficit, but nonpartisan analysts found that upholding both of those standards was impossible. The Tax Policy Center found that Romney’s plan would have to make up $4.8 trillion through the closure of tax loopholes; failing that, he would have no choice but to add to the deficit or raise taxes by $2,000 on the average middle class family. Ryan’s version will have to make up even more revenue to avoid similar pitfalls.
Ryan lacks specifics in the WSJ editorial. Ryan writes, “The U.S. corporate tax is the highest in the industrialized world. So our budget paves the way for comprehensive tax reform. It calls for Congress to simplify the code by closing loopholes and consolidating tax rates. Our goal is to have just two brackets: 10% and 25%. House Ways and Means Chairman Dave Camp has committed to pass a specific bill this year.” No specifics. Which loopholes precisely?
What Ryan wants is to enact are painful spending cuts which affect the poor and needy. His hero, Ayn Rand would approve, however, his savior Jesus Christ would not. Sometimes you have to make a choice on which entity you are going to pray to and emulate.
Ryan’s budget is so bad that Senate Democrats vow to make it a focal point in the 2014 campaigns.
Pull yourself together Paul Ryan and try hard to remember that you did not win the election.