Don’t be fooled! Paul Ryan will never raise taxes on the wealthy. That goes without saying.
But for the rest of us, the con is in. Setting Medicare aside, Ryan wants to lower the top tax rate by 10 percent. That’s HUGE. In exchange, The middle class gets the shaft. Ryan wants to take the mortgage interest deduction away for everyone, not just on second homes or through means testing.
Follow me here; Families get a standard deduction of $11,500 this year. Many middle class families can’t deduction their mortgage interest because it’s not greater than their standard deduction. But many still can when initially buying a home, because the interest is super high in the beginning. Home buying will be out of reach for many if Ryan gets his way, except for those with money.
Sounds like Ryan’s MO. Nothing Ryan can say changes the fact that keeping the Bush tax cuts means he’s got to cut from the poor, middle class and seniors.
If it’s a scare tactic to tell the truth, then so be it. I guess it’s not a scare tactic when Ryan’s claims our country will go bankrupt, and Medicare, Medicaid and Social Security will be gone? I know, he's got to destroy all three safety nets to save them:
(CBS News) Wisconsin Rep. Paul Ryan on Sunday said Republicans were opposing the president's proposal to end the Bush-era tax cuts for the rich. "We're not talking about cutting taxes," he told CBS' Bob Schieffer. "We're just not agreeing with the president's tax increases. I guess that's the new definition of tax cuts. We're saying keep tax rates where they are right now. Get rid of all those loopholes and deductions which, by the way, are mostly enjoyed by wealthy people so you can lower tax rates."
Mostly? Ryan knows mortgage interest goes away for the middle class too. The deduction also helps buyers when mortgage interest rates go up again too.
When questioned specifically about whether or not lowering tax rates for America's top earners could be described as a tax cut, Ryan implied that it was more of a tradeoff. The reduced rates would come "in exchange for losing the loopholes and deductions that mostly higher income earners use," he told Schieffer.
First, the wealthy already don’t pay the 14 percent Social Security tax on anything above $106,000, like the middle class does below that. Then include Ryan’s 10 percent tax rate reduction, and you can see why this is a massive redistribution of money upward.
Responding to Schieffer's question about how Republicans can justify "reducing the amount of taxes that the richest people in the country pay" when the United States has to borrow money from other countries to keep itself running, Ryan argued that America's problem was with spending - not taxes…
Blah, blah, blah. He’s lying. We do have a revenue problem.
Sen. Mark Warner, a moderate Virginia Democrat, argued "Our revenues are at an all-time low, at about 15 percent."