Why Paul Ryan Is Not A Deficit Hawk
Mitt Romney’s selection of Rep. Paul Ryan (R-WI) as his Vice Presidential running mate suggests that he will advocate strongly for the House Budget Chairman’s proposal if the ticket is elected in November. But there is one big problem: the budget is a big con. It gives massive tax breaks to corporations and the richest Americans, makes drastic cuts in social program, but still raises the deficit. The document calls for $5 trillion in new tax cuts for the richest Americans and for corporations, on top of extending all of the Bush tax cuts. These include: – Reducing the top income tax rate to 25 percent at a cost of more than $1 trillion – Reducing the corporate income tax rate to 25 percent at a cost of more than $900 billion – Repealing the alternative minimum tax entirely at a cost of nearly $650 billion – Repealing the Affordable Care Act at a cost of more than $800 billion – Removing the 15 percent bracket at a cost of more than $1.3 trillion Ryan argues that he makes up for the lo...