Ryantaxplan tax fairnesswi.pptx
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8/21/12 1 Paul Ryan’s tax plan in 7 simple slides As passed by the US House of Representa@ves Tax Fairness WI www.taxfairnesswi.org These are the US income tax brackets 0% 5% 10% 15% 20% 25% 30% 35% 40% Less income More income Tax Fairness WI www.taxfairnesswi.org
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Transcript of Ryantaxplan tax fairnesswi.pptx
8/21/12
1
Paul Ryan’s tax plan in 7 simple slides
As passed by the US House of Representa@ves
Tax Fairness WI -‐-‐ www.taxfairnesswi.org
These are the US income tax brackets
0%
5%
10%
15%
20%
25%
30%
35%
40%
Less income More income Tax Fairness WI -‐-‐ www.taxfairnesswi.org
8/21/12
2
Ryan’s budget collapses 6 brackets into 2 (It doesn’t say what $ level the brackets are)
0%
5%
10%
15%
20%
25%
30%
35%
40%
Less income More income Tax Fairness WI -‐-‐ www.taxfairnesswi.org
Compare the two
0%
5%
10%
15%
20%
25%
30%
35%
40%
Current brackets
Ryan’s brackets
Tax Fairness WI -‐-‐ www.taxfairnesswi.org
8/21/12
3
In Ryan’s plan, three brackets at the top pay less; one near the boQom pays less
0%
5%
10%
15%
20%
25%
30%
35%
40%
Tax Fairness WI -‐-‐ www.taxfairnesswi.org
That means much less revenue is collected, and big breaks for the wealthiest
So he promises 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 -‐-‐ www.taxfairnesswi.org
8/21/12
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But it’s an empty promise: The Ryan budget eliminates no loopholes
and he won’t offer any details
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 -‐-‐ www.taxfairnesswi.org
What are we le\ 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 -‐-‐ www.taxfairnesswi.org
