Ryan vague on which loopholes to cut
September 9th, 2012
03:05 PM ET
2 years ago

Ryan vague on which loopholes to cut

(CNN) - Republican vice-presidential nominee Paul Ryan on Sunday attempted to clarify the plan that he and Mitt Romney have put forth to reduce the deficit, saying they aim to raise revenue not by increasing tax rates, but by ending certain loopholes and deductions for the wealthy.

The House Budget Committee chairman, however, did not elaborate on which loopholes he would plug, saying those decisions should be made in a public debate.

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On CBS's "Face the Nation," Ryan said their plan would change "the way we raise revenue by plugging loopholes and tax shelters that are uniquely enjoyed by higher-income earners." Meanwhile, he said, middle-income earners would receive tax breaks.

Pressed further on which loopholes he would amend, Ryan did not name any specifics.

"It's not what loopholes are out there, but who gets them," he said. "And we're saying by not having higher-income earners utilize these tax shelters, we can lower tax rates on everybody, because they pay more of their income to taxation."

Romney's tax plan calls for 20% cuts to current Bush-era income tax rates. He would also eliminate the Alternative Minimum Tax. Democrats, however, point to a Tax Policy Center report released in August that determined Romney's plan would provide large tax cuts to the wealthiest Americans while increasing the tax burden on the lower and middle classes.

Ryan insisted President Barack Obama's tax proposal, a measure that would raise taxes on households making at least $250,000 per year, would place burdens on certain small-business owners and have a crippling effect on the economy.

He later added: "We can lower tax rates by plugging loopholes and still maintain special preferences for middle-class taxpayers, not for higher-income taxpayers though."

Ryan said he and Romney would decide on the loopholes by having “a debate out in front” and “work with Congress, work with the public, to find out what are the priorities.”

Romney also talked about the tax plan in an interview that aired Sunday, saying Democrats were putting out myths by saying the Romney-Ryan ticket wants to cut taxes for the rich. He asserted that a Romney administration would not "lower taxes on high income people."

"We're not going to have high income people pay less of the tax burden than they pay today. That's not what's going to happen," Romney said on NBC's "Meet the Press." "I do want to bring taxes down for middle income people. In particular I want middle income Americans not to have to pay taxes on interest and dividends and capital gains."

On Sunday, Obama seemingly took aim at Ryan over his refusal Sunday morning to further outline the tax changes supported by the GOP ticket.

Obama defended his plans, which he said would bring down the deficit and simplify the tax code. He described the plans proposed by the other side of the aisle as "bad math," not "bold leadership."

– CNN White House Producer Gabriella Schwarz contributed to this report.


Filed under: 2012 • Mitt Romney • Paul Ryan • Taxes
soundoff (105 Responses)
  1. Republican voting for Obama

    they don't have a plan other than replacing Obama

    September 10, 2012 05:24 am at 5:24 am |
  2. Vote for Seamus, elect Kolob's next dog catcher

    Here is the juice of the Republican fiscal plan.

    1) fiscal sky is falling, democrats fault.
    2) the experienced guys who gave you the wall street meltdown, are coming back tanned, rested and ready, not having done much besides obstruction.
    3) in the next episode to screw America they are going to privatize US govt assets, it is going to be the biggest corporate fire sale of all time.
    4) BUT besides obstruction, these business politicians have been busy lining up old and new friends as the buyers, deals are cut and ready for roll out.
    5) because many of their friends don't have money (freshly coming out of or going into bankruptcy) things are going cheap for them, pennies on the dollar for these new & old business stewards of America's useless bloated govt assets. Credit will be provided as needed to latinum club members.

    Just when you thought they could not get more crooked ... THEY GOT THE LIQUIDATOR.

    Stay tuned for some funny and embarrassing moments, GUARANTEED to out do "NIXON Screws America!!!"

    September 10, 2012 06:01 am at 6:01 am |
  3. timz

    "It's not what loopholes are out there, but who gets them," he said. "And we're saying by not having higher-income earners utilize these tax shelters, we can lower tax rates on everybody, because they pay more of their income to taxation."

    So Romney/Ryan promise to lower tax rates for the rich but raise the amount they pay in taxes? Does anyone believe this BS? Clearly the super-rich don't, because they're still contributing to the Romney/Ryan campaign like crazy (well, crazy like a super-rich fox).

    Besides, I thought the only way to create jobs was by lowering taxes for "job creators"? I'd hate to see a strategy that has worked so well abandoned. If rich people pay more in taxes we could be in danger of returning to the Clinton economy . . . oh no!

    September 10, 2012 07:01 am at 7:01 am |
  4. Mr. Doo

    They won't give specifics, they say they should be made in a public debate – now THAT is BOLD leadership

    September 10, 2012 07:32 am at 7:32 am |
  5. Connie

    Romney should be more succinct and get out of the 1800s, we've advanced since then. Wearing blue jeans appears phony, Romney should dress the person he is and it calls for suits. Romney seems to be the lets get to it kinda guy, only get to what? Obama is warm and fuzzy and jumps around, clearly loving people. Romney is businessman formal type, stick to that and let people know you can get them out of Obamas ditch. He should also brag about himself more, like Obama does.

    September 10, 2012 07:36 am at 7:36 am |
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