Comment

Quran-Burning Church Pastor: 'Islam is of the Devil'

259
Fozzie Bear7/31/2010 4:10:05 pm PDT

re: #251 BryanS

Do the math. You are utterly wrong. Tax exemptions of $12.5k for singles and $39k for families of 4, with a 10% bracket for anything above that means most lower and middle income taxpayes will see their taxes go down.

From here. That article links to plenty of other sources, so it’s a good starting point for why reputable economists think the man is insane.

Begin with his proposed tax changes. Ryan would not only retain the Bush tax cuts for the highest earners, he would further lower the top tax rate to 25%. On top of that, he would repeal all taxes on corporate income, inherited estates, capital gains, and dividends. In other words, he would completely eliminate the most progressive elements of the tax code, and slash the next most progressive element. In their place he would impose a value-added tax, which would not bring in nearly enough revenue to replace the revenue lost from his tax cuts, but would fall much more heavily on the poor and middle class.

That’s the definition of regression. If you focus solely on income, it isn’t. But this proposal wasn’t just about income taxes.

Some more analysis:
cbpp.org


I. Summary

The Roadmap for America’s Future, which Rep. Paul Ryan (R-WI) — the ranking Republican on the House Budget Committee — released in late January, calls for radical policy changes that would result in a massive transfer of resources from the broad majority of Americans to the nation’s wealthiest individuals.[1]

And here:
ctj.org


New CTJ Report on Rep. Ryan’s House GOP Budget Plan: Federal Government Would Collect $2 Trillion Less Over a Decade and Yet Require Bottom 90 Percent to Pay Higher Taxes

And of course other notables like Krugman have weighed in as well. It’s a terrible plan, and it IS regressive.