Representative Paul Ryan (R-WI), the Ranking Member of the House Budget Committee, has thoughtfully gone beyond mere whining about the Obama administration’s budget for fellow Obama critics to consider embracing. What’s in it? Well, in a striking break from standard-fare Republican recipes, he’s decided that maybe what the country needs is tax cuts for the rich. I, for one, say it’s about time we gave that a try. My colleague Ben Furnas has some more detailed analysis:
Like the Bush tax cuts, Congressman Ryan and his allies in Congress would cut taxes for the wealthiest Americans and reject public investment or a fairer tax code that would ensure broadly shared prosperity.
The Center for American Progress Action Fund finds that Congressman Ryan’s proposals would cut taxes for the average CEO by $1.5 million per year and do nothing at all for a minimum wage worker.
Ryan calls for lowering the 35%, 33% and 28% income tax brackets to 25%, eliminating the capital gains tax, and cutting the top corporate tax rate from 35% to 25%. These hugely regressive tax cuts would extend the Bush economic strategy of massive tax cuts for the wealthy and gutted government revenue.
It’s strange that the Republicans railing about long-term deficits seem to love long-term deficits when the point of the deficits is to further enrich the rich.