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looking for a 420 friendly and than all his spending cuts combined March 18, Posted by Here’s an amazing fact: Ryan’s tax reform plan costs more than all his spending cuts combined. Revenue loss from specific tax cuts: $ trillion Total Program cuts: $ trillion So how he pay for his much, much lower rates? Well, he doesn’t say. In fact, he doesn’t even begin to say. His budget doesn’t name even one tax deduction, exclusion, credit, or loophole that be closed. All he says is that he pay for his lower rates, or at least the House Ways and Means Committee, which is in charge of writing any tax reform, pay for them. But he doesn’t say that they’ll pay for them while keeping the tax code as progressive as it is today. Ryan’s budget is very clear in its instructions to the House Ways and Means Committee. They can only submit a tax reform that “simplifies the tax code to make it fairer to American families and businesses and reduces the amount of time and resources necessary to comply with tax laws,” “substantially lowers tax rates for individuals,” “repeals the alternative minimum tax,” “reduces the corporate rate to 25 percent,” “transitions the tax code to a more competitive system of international taxation,” and is “revenue-neutral”. Nowhere does it say the final needs to retain the current progressivity of the code. That’s likely because it would be impossible to enact the kind of reform Ryan’s previewing while retaining the progressivity of the tax code. You’ve watched this debate play out before. During the election, Mitt Romney had an ambitious tax reform plan, a promise to pay for it, and no details. So the Tax Policy Center undertook an incredibly generous analysis in which they assumed that Romney would wipe out every single deduction for the before touching any tax breaks for the non. It still wasn’t enough. And Ryan’s plan, as the Center on Budget and Policy Priorities notes, would be even tougher to balance:
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