Saturday, March 13, 2010

Conservative "Town Hall" Identifies only one minor Problem With Ryan's Road Map: "the end result is that the rich are taxed at much lower rates.

I found this humorous but scary article praising Dickensian economic expert and promoter Rep. Paul Ryan. Remember just last week when the non-partisan Tax Policy Center wrote this about Ryan's Road Map:
In his provocative Roadmap for America’s Future, Representative Paul Ryan figures that his broad tax code overhaul would eventually generate about 19 percent of Gross Domestic Product in revenues. But the Ryan plan would produce hundreds of billions of dollars-a-year less than that—about 16.8 percent of GDP—a decade from now, according to new Tax Policy Center estimates. Moreover, the plan would give a huge tax cut to the wealthy, while cutting taxes by little or nothing (and in some cases even raising taxes) for low- and middle-income people.

As a result, Ryan would likely fall far short of meeting his goal of balancing the budget and paying off the national debt by 2080, even if government spending were slashed to 1951 levels as he proposes.
It was only last week, yet either no one had seen this report or just chose to ignore it (the latter), but the conservative media is still praising a budget that will fall short, cut taxes for the rich and raise taxes on the poor. Here's what Town Hall wrote:

It’s depressing that President Obama is the one calling the shots on the budget right now instead of Rep. Paul Ryan. Ryan has proposed groundbreaking tax reform that would take a hacksaw to entitlements, reform the way taxes are assessed, and greatly reduce taxes on the rich that curb growth and breed fraud.

Obama’s deficit commission will likely scoff at much of what Ryan has proposed – chopping the marginal income rate and eliminating taxes on capital gains, stocks, estates. He also wants to eliminate the taxes on dividends and the alternative minimum tax.

But the end result is that the rich are taxed at much lower rates.

They said it, I didn't. And apparently, that's okay with them.

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