"...some of Ryan's most important ideas have been tried and proved failures. Ryan has produced various plans, proposals and two actual federal budgets, and they all have one thing in common: they cut taxes drastically. In his 2011 budget, which he sent to the Congressional Budget Office for scoring, he estimated that despite the drastic cut in rates, the revenue would remain the same as a percentage of gross domestic product. This is supply-side economics, the utterly uncorroborated theory that the less people pay in taxes, the more they'll produce. Ryan's mentor Jack Kemp sold Ronald Reagan on it in 1980. The result was such a huge hole in the federal deficit that in 1982, Reagan was forced to come back with one of the largest proportional tax increases in American history. Supply-side tax cuts didn't work for George W. Bush either. By contrast, Clinton raised taxes and the economy boomed. Who knew?"
But there is another source of federal revenues that receives less attention: corporate income taxes. According to the Wall Street Journal’s recent study of Congressional Budget Office numbers, corporations are paying an effective rate of 12.1%, the lowest in at least 40 years. So why are some of the biggest and most powerful entities in our society getting away with paying so little?
|Source: Wall Street Journal Online|
And it doesn't work. We're living it right and this sh*t just doesn't work. Well, wait, I take that back, it doesn't work if you're middle class, but it's works like a charm if your already rich. Oh, God yeah, it works great! But if you're not, um, sorry, you're kinda screwed. According to the Washington Post's Wonkblog:
Under Ryan’s plan, the six tiers of tax rates would be simplified to two rates: 25 percent for higher earners and 10 percent for lower-earners. But the overall impact of the Ryan budget would still disproportionately benefit the wealthy. The top 20 percent would get a $13,907 tax cut in 2015, and the top 1 percent would get a whopping $155,808 tax break, according to an analysis by the Tax Policy Center. By contrast, the bottom 20 percent of Americans would pay $159 more in taxes in 2015.
And it's well known that Romney's budget has already shown that the wealthiest would do even wealthiester under his budget, which those making less than 250 grand would actually pay higher taxes, because he closes loopholes that benefit the middle class.
But hey, at least it'll cut the deficit and bring down the national debt, right? Wrong. And you know who says so? Fox News. That's right, Fox News admits that Ryan isn't a small spender at all. Here's what they have to say about Ryan's budget:
"claims that Ryan is slashing spending don't quite square with the numbers. Those claims are convenient Washington shorthand for what Ryan's plan actually proposes -- which is to slow the rate of budget growth, but still allow the budget to grow.
Under the latest Ryan plan, the budget would grow from $3.6 trillion this year to $4.9 trillion in 2022. The only years in which spending would dip are 2013 and 2014"
Why someone would want Romney and Ryan to take a tour of the White House, let alone work there, is beyond me. But don't take my word for it. Just look a the numbers.