The Tax Policy Center--a non-partisan think tank--did a thorough analysis on the impact of the tax changes Ryan proposes--a massive tax cut for the wealthy, paired with substantial tax increases on 90 percent of the country--and found that the so-called "Roadmap" would actually leave the federal government desperately starved for funds.That's hysterical. The size of Ryan's tax cut for the wealthiest 10% of Americans is so absolutely massive thateven the combined spending cuts on Medicare and Social Security and the accompanying tax increases on the other 90% of Americans combined would still leave the deficit in worse shape than Obama's "unsustainable" and "bankrupting" budget proposals.
According to the Center for Budget and Policy Priorities, "the Ryan plan would result in very large revenue losses relative to current policies."
[The Tax Policy Center] estimates that even with its middle-class tax increases, the plan would reduce federal revenues to 16 percent of GDP in 2014. Because the tax cuts for the wealthy would dwarf the tax increases for the middle class, the Ryan plan would allow the federal debt to continue growing for a number of decades to come, despite its steep cuts in Medicare, Medicaid, and Social Security.The result, they conclude, is ballooning, unsustainable deficits--a quirky feature for a plan touted far and wide for its potential to right the country's fiscal course. And yet, Ryan's star is on the rise in the GOP and in Washington.
By contrast to the Ryan Roadmap, President Obama's budget would increase revenues as a share of GDP from 14.5 percent in 2010 to 19.6 percent in 2020. There would still be deficits at that point--but at a much more sustainable level than under the GOP alternative.
But that's the GOP for you. Smokescreen the rubes and then steal the cash.
This is your Tea Party tax hero, guys. He's ripping you off even worse than Obama's "socialist tyranny" is. And you're cheering him on.
EPIC FAIL.
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