Ryan vague on which loopholes to cut
September 9th, 2012
03:05 PM ET
10 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. Cam Spurgeon

    Media needs to zero in on who has signed them Nordquist pledge. I think this is iin total violation of the pledge that they take to serve this country and unamerican and think that they should stand up and tear the oaths up for the best interests of the country.I understand that even Romney signed and that Nordquist made the statement that the President only needed 5 digits to sign whatever is set in front of them from Congress. Press should be all over this and bring it up again and again.

    September 9, 2012 06:27 pm at 6:27 pm |
  2. USwatcher

    Myth Romney and Lyin Ryan...flip the flop...no specifics as usual...just flop...flops...there they go again...just wrong for America.

    September 9, 2012 06:36 pm at 6:36 pm |
  3. Just a thought

    Oh yeah...Trust us, Mittens and I are white, and don't like the president, or non-rich / non white folks, but promise to sell out all of America to pay back the few rich donors who have already bought our loyalty for the next 4 years. Yeah right (?) as if....only the village idiots support these jokers

    September 9, 2012 06:45 pm at 6:45 pm |
  4. Jay Dee

    I find it hard to believe than any senior citizen can't understand the meaning of "Voucher System." Anytime a voucher system is included in anything, it never pays the full expense and is apt to run out making you responsible for any balance owed on your bill. They played this same game on vouchers with schools, and the parents had to absorb any additional costs not included or above. Any women that vote their [own bodies] to the republican party get what they ask for....absolutely nothing..... preys the lawd!

    September 9, 2012 06:54 pm at 6:54 pm |
  5. In Denver

    I'm one of those folks out here in a swing state and listened to Ryan this morning. I'm also doing ok. I own a couple of pieces of rental property and as I look for tenants I can tell you folks out here are suffering, but holding on. Our unemployment numbers have consistently been lower than the national average and falling, aleit slowly, but falling nontheless. Property values have inched up ever so slightly as well. When I consider how bad the economy was when President Obama took over, I have to say "yes" I'm better off now than four years ago.

    September 9, 2012 06:55 pm at 6:55 pm |
  6. Jay Dee

    "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.”

    That actually means they have no plan! It means they want ideas to formulate a plan. Did anyone steal Ryan's tax forms yet?

    September 9, 2012 06:57 pm at 6:57 pm |
  7. chupacabra

    " by plugging loopholes for the wealthy" wait a minute, want this hurt his boss Romney, want those loophole include offshore and foreign accounts?...NOT....Obama 2012

    September 9, 2012 06:59 pm at 6:59 pm |
  8. The Unsub

    Lyin Ryan will only tell you details once he is elected! Every American should not take that deal! No Way!

    September 9, 2012 07:05 pm at 7:05 pm |
  9. michael

    I wonder if Ryan can tell the truth. Everything he says is a lie.

    September 9, 2012 07:11 pm at 7:11 pm |
  10. ga.democrat

    Romney and Lyin Ryan won't give the American people any details because the loopholes they are going to close will crush the middle class. If they actually told the truth, no one in the middle class would vote for them except the Teaparty crazies who have never understood arithmetic anyway.

    September 9, 2012 07:21 pm at 7:21 pm |
  11. Jessica Clair

    Believe it or not Mr. Romney, I don't make a whole heckuva lot from interest, capital gains, and dividends. You see most middle and lower income Americans make their money from working not collecting money off their money. That break you're offering me on the $8 I made off my meager savings account is so super duper sweet of you, but I think I'll have to pass. It seems to me I better stick with President Obama since he actually has a plan.

    September 9, 2012 07:22 pm at 7:22 pm |
  12. GI Joe

    Ryan's going ROGUE. While Romney is demeaning the cuts to defense, Ryan was on CBS defending the cuts to defense.

    ha ha ha ha ha ha ha ha

    September 9, 2012 07:24 pm at 7:24 pm |
  13. paul_I

    "Closing a loophole" essentially another way of saying "raising taxes" from a perspective that more revenue will be collected.

    September 9, 2012 07:28 pm at 7:28 pm |
  14. Georgie

    What!? Is the GOP serious? They are starting to be insulting to any thinking person. Deep down they feel they can't win, ...so they just throw anything out to the public and hope it sticks. Loopholes?, ...just face the facts, ...the rich should pay the same as any other working person. Get that done, and the deficit will disappear!

    September 9, 2012 07:37 pm at 7:37 pm |
  15. Georgie

    The GOP says this election is about the economy! Forget every other issue, this election is about the economy! If that's the case, then why haven't the GOP come up with any solutions that doesn't cut the essentials of life, ...like healthcare, ...medicare, ...education assistance, ...food stamps, ...and bloated military contracts?

    September 9, 2012 07:42 pm at 7:42 pm |
  16. JM

    We wil kill medicare, we just won't admit it now, the billionaires need the money.

    September 9, 2012 07:50 pm at 7:50 pm |
  17. Dude in Colorado

    How much more cowardly can these two get? Romney won't release his taxes before 2010 and Ryan won't say what loopholes he wants to close? That's not leadership in any way, shape or form, it's strictly cowardice.

    September 9, 2012 08:05 pm at 8:05 pm |
  18. yuri

    Mitty and Paul de Gall are wishing to God to be elected. We wish God did not grant their wish. Just like there is carfax, we all need Mittfax and Paulfax to lay bare their designs and ulterior motives. One would hope those 2 get a nice drubbing.

    September 9, 2012 08:10 pm at 8:10 pm |
  19. TheTraveler

    This is the problem with the Romney/Ryan ticket. They've come out, gun's a blazin', with all kinds of criticisms about the Obama Administration, blah, blah, blah. But they don't have any details about their own "plans". They want voters to buy into their point of view, but they have ... "no point of view" other than lousy non-productive Obama-bashing rhetoric.

    September 9, 2012 08:19 pm at 8:19 pm |
  20. C. K. Justus

    Ryan and Romney have discussed what loopholes they will cut and it will be those who will hurt the middle class and give more money to the rich.
    Romney want even bring all his money to the USA he has Swiss bank accounts and money in banks in the Cayman Islands and he and his wife (in his wife's name when running for governor of Massachusetts) and apparently have money in the banks in Bermuda and yet he wants to be president of the USA, BUT NOT SUPPORT IT WITH HIS MONEY!!!

    September 9, 2012 08:32 pm at 8:32 pm |
  21. mjw

    Mitt the Twit and Lyin Ryan are getting nervous so the etch-a-sketch begins. On MTP Romney said he would keep some of Obamacare. He is on record saying the first thing he would as president was repeal Obamacare, when did that change? I don't kow how Republicans can trust him.

    September 9, 2012 08:32 pm at 8:32 pm |
  22. jaimie

    Romneyhood .......... Give to the Rich take from the poor

    September 9, 2012 08:35 pm at 8:35 pm |
  23. jaimie

    Romney and Ryan .......... Laurel and Hardy of the 21st century

    September 9, 2012 08:36 pm at 8:36 pm |
  24. Hillcrester

    The "public debate" on whether we want the Ryan loophole closures as part of his destructive, budget pain but still deficits until 2040 is called an election, and voters will reject R&R.

    September 9, 2012 08:39 pm at 8:39 pm |
  25. eciam

    Romney/Ryan Tax Plan;
    Close there eyes, and pin the donkey on the tail!

    September 9, 2012 08:43 pm at 8:43 pm |
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