CBPP Analysis of Ryan Budget Tax Cuts

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The big news last week was about the Supreme Court hearing oral arguments over the health care reform law, but the Ryan budget was a close second. In a year in which we’re facing potential taxmageddon, it’s just one of several tax proposals. Unlike the tax proposals floated by Presidential hopefuls, like Herman Cain’s 9-9-9 plans, this one comes from the Chairman of the House Budget Committee.

Rather than go through the proposal itself, let’s just take a look at the analysis performed by the Center on Budget and Policy Priorities. As a bit of disclosure, Congressional Quarterly called them socially liberal and fiscally conservative.

The main points that the CBPP discovered were that the wealthy, those making more than $1,000,000, would receive significant decreases in their taxes on top of what they’d continue to get with the continuation of the Bush-era tax cuts (to be extended under the plan). Those making $50,000-$75,000 would receive about $1045 on average.

In addition, the plan on vaguely offers up ways to pay for these tax reductions. “Chairman Ryan claims that his budget would fully offset the cost of his proposed tax cuts by closing tax expenditures (tax credits, deductions, and other preferences) for high-income households. But his budget contains no specific proposals to do so, and meeting this goal would be all but impossible, given that the Ryan budget rules out reducing the tax expenditure most heavily tilted to high-income households: the preferential rates for capital gains and dividends.”

While this would never pass in its current form, I think it’s valuable to understand where each party hopes to go with respect to tax rates.

{ 9 comments, please add your thoughts now! }

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9 Responses to “CBPP Analysis of Ryan Budget Tax Cuts”

  1. Mike says:

    I’d like to compare Ryan’s plan with something. Can someone post up the Democrat’s budget plan so we can have a fair comparison?

    • NateUVM says:

      Also, maybe we should wait to see what the CBO think of this proposal so we can get an unbiased, non-partisan opinion.

    • tbork84 says:

      Agreed. Very well put. You could point out that the budget the the president put forward was voted down unanimously by the house. That includes republicans and democrats.

      • freeby50 says:

        No they did not unanimously vote down the presidents budget proposal. They voted down an insincere amendment made by a republican to the Ryan budget proposal. It was purely a gimmick and nothing more.

        Sorry but you’d have to be very gullible or naive to think that all the democrats would vote down the presidents actual budget plan. Thats as likely as all the republicans voting against a republican president.

  2. mannymacho says:

    It’s really starting to sound to me like whichever tax plan is accepted, the country is still going to be screwed.

    • David M says:

      I agree with you.

      We do not need to just break even – we need to take in more money!

      We are running a HUGE budget deficit and healthcare and SS costs are only going to eat up more and more of government expenditure.

      Lets not argue over the Bush tax cuts – let the lapse for ALL. Shared sacrifice!

      • tom says:

        HAHAHAHA… Shared sacrifice.

        Today’s April Fools right? Yesterday?

        Oh, you weren’t joking…

  3. Matt says:

    The Ryan plan is the best thing that could happen to our country. Right now over 50% of American don’t contribute into the federal income tax system, which is ridiculous. The Ryan plan would raise revenue by broadening the tax base and the elimination of tax loopholes and tax shelters. Those loopholes and shelters are used disproportionately by the rich and closing them would make the rich pay more.

    The NYT did an analysis of Paul Ryan’s and Obama’s budget proposal and found that Paul Ryan’s plan would balance the budget by 2040 and Osama’s plan would grow the budget in that same time span.

  4. Purdalaror says:

    The President’s budget was turned down 414-0. That sounds unanimous to me.
    The Dems havent submitted a budget for 3 years. Now the Rs submit one and all our “leader” can do is tear it apart. Obama had to go.

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