Paul Ryan Cracks Under Pressure and Admits Romney’s Tax Plan is Trickle Down
When pressed during a local Wisconsin interview, Paul Ryan admitted that the whole Romney tax plan is based on the trickle down theory that more tax cuts will magically bring growth and prosperity.
Here is the audio:
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Transcript:
Charlie Sykes: Let’s talk about some of those TV ads because one of them is hammering away at the Romney tax plan, saying—and I know you and Chris Wallace went back and forth on math, so I want to be more direct about it. The Obama Campaign is saying that the average middle class family could pay as much as $2,000 more under your tax plan. Very specifically, if there is a couple making $60,000 a year, can you assure them that under your tax plan, that they will not be paying more money out of pocket?
Paul Ryan: Unequivocally, the answer is yes. These ads are totally false. That statistic and number has been thoroughly discredited but that still doesn’t prevent the President from putting these things up there on TV. Look, the point—you know, I like Chris, I didn’t want to get into all of the math of this, and have everybody start changing the channel. Look, we raise $1.2 trillion or so in the income tax every year. And we have about a $1 trillion every year in tax preferences. And the people who use most of those are people in the higher income brackets. And so what we’re saying is, we’re going to lower tax rates for everybody across the board by 20%, and we can pay for that without losing revenue by closing loopholes for people at the top end of the income scale. Everybody gets lower tax rates as a result. And you can keep these preferences for middle class taxpayers and have 20% lower tax rates. That means more take home pay, more economic growth. Every time we’ve done this kind of tax reform, whether it was Ronald Reagan or Tip O’Neill or Jack Kennedy, lowering tax rates creates growth and prosperity. More of a wealthy person’s income is subject to taxation because they can’t use tax shelters. And since more of their income is taxed, that allows us to lower everybody’s tax rates.
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