House (ryan) tax plan
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Transcript of House (ryan) tax plan
The House (Ryan) tax plan in 7 simple slides
As passed by the US House of Representa=ves
Tax Fairness WI -‐-‐ taxfairnesswi.org
These are the US income tax brackets
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Less income More income Tax Fairness WI -‐-‐ taxfairnesswi.org
House (Ryan) budget turns 6 brackets into 2 (It doesn’t say what $ level the brackets are)
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Less income More income Tax Fairness WI -‐-‐ taxfairnesswi.org
Compare the two
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Current brackets
Ryan’s brackets
Tax Fairness WI -‐-‐ taxfairnesswi.org
In the House (Ryan) plan, three brackets at the top pay less; one near the boNom pays less
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Tax Fairness WI -‐-‐ taxfairnesswi.org
That means much less revenue is collected, and tax breaks for the wealthiest
So Ryan has promised to close loopholes and exemp=ons that mainly the rich use
Paul Ryan, interviewed by Bob Schieffer of CBS for 60 Minutes, Aug. 12, 2012 “Take away the tax shelters that are uniquely enjoyed by people in top tax brackets so they can’t shelter as much money from taxa=on and so we can lower tax rates for everybody to make America more compe==ve.” Tax Fairness WI -‐-‐ taxfairnesswi.org
But it’s an empty promise: The House (Ryan) budget eliminates no
loopholes; no details forthcoming
Ques=on by Brit Hume, Fox News, Aug. 14, 2012: What loopholes and deduc3ons would be eliminated?
Answer by Paul Ryan: “That is something we should do in the light of day through Congress.”
Tax Fairness WI -‐-‐ taxfairnesswi.org
What are we leZ with? A budget that slashes revenue, forcing cuts
“Ryan’s budget, recall, would raise $2 trillion less in tax revenue over the next decade than President Obama’s budget. Ryan’s plan would also spend $5.3 trillion less over that =me.”
Ezra Klein, Washington Post Aug. 12, 2012
Tax Fairness WI -‐-‐ taxfairnesswi.org