After a self-imposed silence following the November election, Paul Ryan came out swinging last week: swinging at the federal budget. The Republican House Budget Committee chairman said he can eliminate the deficit in 10 years without raising revenue. From $1 trillion to zero in 10. Can it be done?
Households earning between $250,000 and $400,000 a year would face limits on their tax breaks under President Barack Obama’s latest budget offer, increasing their tax bills even though they wouldn’t face higher rates, a person familiar with the negotiations said today.
President Barack Obama is promoting a “Buffett rule” setting a minimum tax rate for top earners to ensure they pay a higher percentage of their income than middle- class families. For the most part, they already do.
The detailed tax plans from Republican presidential candidates would provide tax cuts for the highest earners with those from Rick Perry and Jon Huntsman offering the biggest benefits. Mitt Romney’s proposal, which suggests fewer changes, would benefit middle-and lower-income families more than his rivals’ would.
Republican presidential candidate Mitt Romney’s plan to cut income tax rates by 20 percent without increasing the U.S. budget deficit relies on unspecified assumptions about economic growth and unannounced details about the tax breaks he would curtail.
The cut in individual income tax rates proposed by Republican presidential candidate Mitt Romney can be kept revenue-neutral only by curtailing or eliminating many popular tax breaks, according to a nonpartisan study.