Re: The House GOP Paul Ryan Budget: Tax Fantasy

it would be obscene to use the money to lower tax rates for
rich taxpayers when the nation is starved for investment in jobs,
education and infrastructure.

So you think that they would not invest that money? Investment is what
creates jobs you dumbass.

On Apr 1, 11:24 am, Tommy News <tommysn...@gmail.com> wrote:
> Tax Fantasy
> Published: March 31, 2012
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> CloseDiggRedditTumblrPermalink Congressman Paul Ryan, the author of
> the House Republican budget, is not the first politician to go long on
> promises and short on details. But his budget, which passed the House
> last week with no Democratic votes, takes untruth in taxes to a new
> level.
>
> Related in Opinion
> Room for Debate: The Ryan Budget: Policy, or Just Politics? (March 27,
> 2012) Mr. Ryan claims that he can drastically cut income tax rates
> without adding to the deficit, but he hasn't specified how he would
> make up the lost revenue, an estimated $4.6 trillion over 10 years.
> Instead, he has said he would end or reduce unnamed deductions,
> exemptions and loopholes and defended this dodge by saying that he
> first wants to build consensus for the concept of pairing lower rates
> with fewer write-offs. That's already a mainstay of many tax reform
> plans.
>
> The problem is that politicians' most cherished constituencies are big
> recipients of the most cherished tax breaks — including the exclusion
> for employer-provided health insurance; deductions for mortgage
> interest, state and local taxes and charitable donations; tax deferral
> for retirement savings; and special low taxes on investment income.
> With some 70 percent of an annual $1.1 trillion in tax breaks flowing
> to the top 20 percent of taxpayers, and 20 percent going to the middle
> rung, politicians are loath to champion the end of specific tax
> breaks.
>
> Another problem is that ending tax breaks would not end the need for
> government to help with many of the activities subsidized by the tax
> code, like employee health insurance and retirement savings. Tax
> subsidies may not be the most efficient or fairest way to support
> social and economic goals, but there is a need for public efforts to
> help achieve many of their aims.
>
> The question is how much can reasonably be saved by ending or reducing
> tax breaks. A new analysis by the Congressional Research Service puts
> the savings at $100 billion to $150 billion a year. The aggressive
> deficit reduction plan by the Bipartisan Policy Center, a
> Washington-based think tank, would generate $3.5 trillion in savings
> to 2020. A proposal by President Obama, scorned by Republicans, would
> raise $584 billion in 10 years by capping deductions for high-income
> taxpayers.
>
> The upshot is that Mr. Ryan will never come up with a workable way to
> pay for his $4.6 trillion tax cut. And even if he found substantial
> offsets, it would be obscene to use the money to lower tax rates for
> rich taxpayers when the nation is starved for investment in jobs,
> education and infrastructure. What's needed is a realistic approach,
> starting with letting the high-end Bush era tax cuts expire at the end
> of this year and closing blatant loopholes, including the
> unconscionably low tax rate for private equity partners. Raising taxes
> on the rich is not a cure-all, but there will never be consensus for
> broad reform without first ending the lavish tax breaks at the top.
> Realism also requires new tax sources, including a financial
> transactions tax. But being realistic is not Mr. Ryan's style.
>
> More:http://www.nytimes.com/2012/04/01/opinion/sunday/tax-fantasy.html?ref...
>
> --
> Together, we can change the world, one mind at a time.
> Have a great day,
> Tommy
>
> --
> Together, we can change the world, one mind at a time.
> Have a great day,
> Tommy

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