- Joined
- Jun 10, 2009
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"the Ryan plan would generate nearly two-thirds — about $2.9 trillion — of its $4.5 trillion in budget cuts over 10 years from programs for people of modest means, while making permanent all of President Bush’s tax cuts for high-income Americans as well as a new estate-tax giveaway in the December 2010 tax package.
Ryan has said that he borrowed some ideas from President Obama’s fiscal commission, which was chaired by Erskine Bowles and Alan Simpson. But in a sharp departure, it stands a core principle of the Bowles-Simpson plan on its head. The co-chairs called for policymakers to set, as a basic principle, that the deficit should be reduced in a way that does not increase poverty and inequality; they called for protecting low-income and vulnerable Americans. The Ryan plan, in contrast, aims by far its most severe blows at those people — even as it drops all of the Bowles-Simpson revenue-raising measures that would secure their largest revenue increases from people at higher income levels.
On the tax side, the Ryan plan would make permanent all of the Bush tax cuts for high-income Americans, as well as the striking estate-tax giveaway included in the December 2010 tax package that benefits the estates of only the wealthiest one-quarter of 1 percent of Americans who die, at a cost of tens of billions of dollars. The Ryan plan loses $700 billion over ten years from making the high-end tax cuts permanent. People with incomes over $1 million would receive average tax cuts of $125,000 a year — or more than $1 million over the coming decade — if these tax cuts are made permanent, according to the Urban-Brookings Tax Policy Center."
Statement of Robert Greenstein, President, on Chairman Ryan
Ryan has said that he borrowed some ideas from President Obama’s fiscal commission, which was chaired by Erskine Bowles and Alan Simpson. But in a sharp departure, it stands a core principle of the Bowles-Simpson plan on its head. The co-chairs called for policymakers to set, as a basic principle, that the deficit should be reduced in a way that does not increase poverty and inequality; they called for protecting low-income and vulnerable Americans. The Ryan plan, in contrast, aims by far its most severe blows at those people — even as it drops all of the Bowles-Simpson revenue-raising measures that would secure their largest revenue increases from people at higher income levels.
On the tax side, the Ryan plan would make permanent all of the Bush tax cuts for high-income Americans, as well as the striking estate-tax giveaway included in the December 2010 tax package that benefits the estates of only the wealthiest one-quarter of 1 percent of Americans who die, at a cost of tens of billions of dollars. The Ryan plan loses $700 billion over ten years from making the high-end tax cuts permanent. People with incomes over $1 million would receive average tax cuts of $125,000 a year — or more than $1 million over the coming decade — if these tax cuts are made permanent, according to the Urban-Brookings Tax Policy Center."
Statement of Robert Greenstein, President, on Chairman Ryan