Sunday, January 29, 2012
Representative Paul Ryan - don't oversimplify!There is a constant call by Republicans to simplify the tax code - largely by making it less progressive (fewer brackets, lower rates). Simpler is better. Today on Fox News Sunday, Rep. Paul Ryan was on for an interview. There was this exchange: Chris Wallace: The president is proposing the Buffett rule, the idea that if you're making at least a million dollars a year that you should pay at least a 30% tax rate. And he's proposing this just as we find out that Mitt Romney, who's a multi-millionaire, is paying a 15% tax rate. Again, isn't that on just the simplest basis, fair?
Paul Ryan: If you oversimplify, you could probably make that case. I can get into the tax data. I can get into the fact that the effective tax rates people pay at the higher end are still higher than everybody else. But lets just look at the math. All the tax increases the president is talking about, they only cover 8% of his proposed spending increases. ... Crush job creators. ... [mentioned supply-side nostrums, etc.] How about that? When the simple message is that Romney is paying at a lower rate than many others, that's an oversimplified view.
posted by Quiddity at 1/29/2012 08:58:00 AM
3 comments
Allow me to translate:
Between payroll taxes, income taxes, and local taxes, Romney's secretary pays just under a third of her $33,000 income in taxes, or about $11,000.
Romney pays 15% on his $21,000,000 income, or about $3.1 million.
The ultimately "fair" way the tax code should be written, according to Ryan and must Republicans, is so that Romney only pays $11,000, thus making his secretary his equal in terms of taxes paid.
Doesn't it say in the Declaration of Independence that all money is created equal or did I misread the Citizens United revision? One dollar one vote the way the Founding Fathers wanted it (John Jay, white courtesy telephone).
Doesn't it say in the Declaration of Independence that all money is created equal or did I misread the Citizens United revision? One dollar one vote the way the Founding Fathers wanted it (John Jay, white courtesy telephone).
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