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.

- Follow the Ticker on Twitter: @PoliticalTicker

- Check out the CNN Electoral Map and Calculator and game out your own strategy for November.

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. geggyg

    To Ryan/Romney the accepted way in democracies worldwide to start public debate over policy is for the political party concerned to release some details of changes they want to make , (maybe not full details) but at least the areas were they want to change the tax system , then nomiinate new tax rates and loopholes you want to remove or change, without some detail how can the public debate the issuses . Or is your idea of public debate if 6 of your freinds discuss it over champagne and caviar behind closed doors.

    September 9, 2012 08:57 pm at 8:57 pm |
  2. Mike Texoma

    I do not quite understand how the drastic government downsizing they intend can be expected to create jobs. How many jobs will we lose each mionth while that is going on. And how long will it take to recover? And how much will that harm the domestic marketplace?

    Mr. Romney insists that it is the size of government that is holding back job creation. He says that studies by Harvard, Columbia, Princeton and others confirm that, and show that his plan will create 12 million new jobs. He fails to identify those "studies" or to explain why no one else cites them. He also fails to mention Mitch McConnell's pledge to cause Obama's presidency to fail, as holding back job creation.

    Mr. Romney is blowing smoke.

    September 9, 2012 09:02 pm at 9:02 pm |
  3. charles davis

    The republican party is in such a mess, they can't call it a party any longer. It should be named the "fiasco" party.

    September 9, 2012 09:21 pm at 9:21 pm |
  4. charles davis

    Romney says he won't divulge his plans before he's elected. Talk about a pig in a poke.

    September 9, 2012 09:24 pm at 9:24 pm |
  5. enuff

    That's a surprise. Not.

    September 9, 2012 09:35 pm at 9:35 pm |
  6. GonzoinHouston

    Ryan will cut only those loopholes that are favored by democrats and their supporters, like the mortgage interest deduction. The big ones, that benefit only a few very rich, will be spared. The deficit will soar anew, and the republicans will explain that the only solution is to "reform" SS and Medicare. If there is anything that has been proven by the policies of Reagan, Bush, and most of all W is that Republicans only care about the debt when the democrats are in the White House.

    September 9, 2012 09:42 pm at 9:42 pm |
  7. hannah01

    i Can't believe these 2 yo-yo's expect people to vote for them when they won't tell anyone what their plan is to cut tax loopholes until AFTER the election...acutally believing they are going to win. I thought that's what campaigns were for.

    September 9, 2012 09:45 pm at 9:45 pm |
  8. Just the Facts

    Romney/Ryan are Republicans who are trying to sound like Democrats. "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'" Maybe they realized that people are still quite angry at Republican politicians for what they allowed to happen to our economy, because it happened on their watch. Facts are funny things, that sometimes get spun, but really don't change. They need to tell US their plan.

    September 9, 2012 09:51 pm at 9:51 pm |
  9. Just the Facts

    Spin won't win. Since when did Republicans want to sound like Democrats. "Gingrich: Clinton a ‘real’ president."

    September 9, 2012 10:00 pm at 10:00 pm |
  10. roadrager1

    I have seen enough of the last 4 years, anybody but Obummer.

    September 9, 2012 10:15 pm at 10:15 pm |
  11. Publius Novus

    "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.'” In other words, Rep. Ryan, you and Mr. Romney are going to follow the polls wherever they may lead. If memory serves, you recently alleged that President Obama was following polls rather than leading. What you are proposing doesn't sound much like "leading."

    September 9, 2012 10:24 pm at 10:24 pm |
  12. S.B. Stein E.B. NJ

    Unitl they identify what they are going to do, it isn't really going to happen.

    September 9, 2012 11:22 pm at 11:22 pm |
  13. Ms Edyeluv

    There's a saying, "Tell the Truth and shame the Devil(s)". Well since Robme and Lyin Ryan won't, "Let We the People" shame them at the polls. Vote Obama!!

    September 9, 2012 11:29 pm at 11:29 pm |
  14. PTNY

    It's all catching up to you, Paul. Your credibility is toast and this happened to you by your own had.

    Tonight, Obama has a solid %5 point lead !

    In my best Clinton impersonation of Elvis... Thank you, thank you very much!

    September 9, 2012 11:49 pm at 11:49 pm |
  15. luke,az

    Ryan is as evasive as Romney. The Vulture/Voucher guys are unbelievable, literally.

    September 10, 2012 12:03 am at 12:03 am |
  16. Lynda/Minnesota

    "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.”

    Oh, come on now Republicans. Mitt Romney goes on MTP, says one thing, has his surrogates later correct what he said, and then has them offer yet another version ... all in less than 24 hours ... and you expect we are to believe ANYTHING this man says?

    And, Ryan? He's bumbling around like a chicken without it's head, having to correct one statement after another of his and Romney's time and time again ... and still offers nothing concrete.

    "Trust Me - I'm Mitt Romney" talking points are getting really, really old. Romney's campaign is a disaster to Republicans. A Mitt Romney presidency would be a disaster to America ... indeed to the world at large.

    Sorry, Mitt Romney. You've used up all your Trust Me cards months ago.

    September 10, 2012 12:19 am at 12:19 am |
  17. ThinkAgain: Mittens 'n' Munster are Liars

    When we bought our house 17 years ago, we had to provide several years of tax returns, along with credit reports from the three main reporting agencies, bank account statements and proof of employment (all specific details on our financial situation).

    The least Mittens can do if he wants to be POTUS is to provide us with 5 years of tax returns ... And the least Munster can do is provide us with specific details of how he'd make his magical budget work ...

    Obama/Biden 2012 = The only sane choice

    September 10, 2012 12:55 am at 12:55 am |
  18. Tommy

    What makes anyone think they'll close ANY loopholes? I predict that, if, God forbid, Romney/Ryan win that by 2016 the deficit will have doubled. They'll slash taxes, raise defense spending, cave in to the special interests when it comes time to close loopholes and then act surprised when cutting taxes doesn't somehow magically raise revenue. That is, they'll use exactly the same politically-expedient formula that Bush II used to convert the Clinton era multi-hundred billion dollar surplus in to a trillion dollar deficit in just four years.

    September 10, 2012 12:56 am at 12:56 am |
  19. J.V.Hodgson

    So first off they are "not going to lower taxes on the rich" para 10 last line Romney quote.
    Also " we are NOT going to have high income people pay less of the tax burden than they do today" Para 11 first two lines .Are you listening Grover Norquist.... has he not signed your pledge.... never mind the rest of the Republican house/ senate has so he loses Yeah!! = Hot air and wind!!
    Then it gets better still he wants to lower middle class taxes on capital gains and dividends see last three lines para 11. how he pays for that is unclear.
    In fact they especially Ryan will not say which loopholes and allowances ( tax breaks) they will remove because its extremely complicated to do that targeted withdrawal legislatively unless its accross the board Rich and middle class.
    Have they so conveniently forgotten that the Republican House and Senate consistently voted against any tax increase, closing loopholes, or withdrawing allowances, as all; per Dear old Grover Norquist pledge = tax increases!!
    Why cant he tell us now? Is the campaign not a public forum where ideas and policy we can use to decide who to elect can be debated /discussed. This is wait until we have won, THEN WE'LL DECIDE!! you must think voters are either nuts or naiive or both. You Mr Ryan have been caught already stretching the truth some might say lieing. without the wonky details I need more before I vote for you.

    September 10, 2012 01:04 am at 1:04 am |
  20. anonoymous

    Listen to Ryan on Face the Nation...I consider myself part of the public but he never would be precific. kinda makes you feel like you're on let's make a deal. What's behind door number 2{r/r)doesnt feel like the prize i want or can afford. I'Ll stick with what i got. Obama

    September 10, 2012 01:35 am at 1:35 am |
  21. DTango

    This is terrible R & R! Both of them don't have the necessary knowledge to be president of the United State of America. They can not be more specific on any issues because they don't understand about the issues, especially complex issues. Romney has flipped and flopped too much over the years. The guy doesn't seem to have solid principle; he could trend anyways he wants. Ryan has guts to say anything to get elected even telling inaccurate attacks.

    Do American people have confident in Paul Ryan to be president if something happens to Mitt Romney?

    I don't so I can't vote for R & R.

    September 10, 2012 01:40 am at 1:40 am |
  22. postedbygeorge

    following comment is awaiting moderation

    :no details, no vote:


    September 10, 2012 01:52 am at 1:52 am |
  23. willardhater

    As a 1%, I feel for the other 99%. We are not all greedy, selfish. I will be voting for Obama

    September 10, 2012 02:03 am at 2:03 am |
  24. tammyk tammy

    Hey Lyin' Ryan, you can't find a more public debate than a Presidential election. Be brave, come clean, and let the people decide based on real facts not fiction. By the way, don't forget that the Public Debates between you and Biden are coming up soon. We will be listening carefully to your non-answers. Biden will be sure to call you out on your bobbing and weaving dance around this issue. No amount of practicing slick no details answers is going to help you. See ya at the debates hahahahahahaaaa....

    September 10, 2012 02:45 am at 2:45 am |
  25. norman

    Hi , obama plans for americans is the best.try to go through it it will favour americans

    September 10, 2012 04:11 am at 4:11 am |
1 2 3 4 5