President Obama was hypercritical of Paul Ryan’s budget today, claiming that it is “thinly veiled social Darwinism.”
We decided to take another look at Rep. Ryan’s budget and compare it against the President’s plan to tax his way out of a spending hole.
|President Obama's Plan||Paul Ryan's Budget|
|President Obama claimed in his speech today that the Ryan Budget, “Would increase health care costs and shift the burden to America's seniors.”||The Ryan Budget repeals Obamacare tax hikes by eliminating the entire Obamacare law. This includes repealing the 20 new or higher taxes which have taken or are about to take effect from that law.|
|In his speech the President called Rep. Ryan’s budget, “radical.” Furthermore, the President’s big-government budget and his Simpson-Bowles commission want to fix the government’s spending problem by raising taxes calling for a long-range revenue target of over 20 percent of GDP.||Rep. Ryan’s proposal is revenue neutral. The budget calls for the House Ways and Means Committee to produce a tax reform package with a tax revenue target of between 18 and 19 percent of GDP. This is in line with historical revenue figures and hardly radical.|
|The President renewed calls for a “Buffet Rule” to increase taxes on wealthy earners. Additionally, the President’s budget plan keeps taxes the same for all Americans, increases the top rate to 39.6 percent, increases the AMT and raises taxes on capital gains and dividend.||The Ryan budget is a no tax hikes budget. Paul Ryan’s budget reforms the individual income tax code eliminating loopholes and reducing taxes into two simple brackets: 10 percent and 25 percent.|
|The President has previously proposed to tax small business profits at 43 percent.||Lowers tax rates on small businesses to 25 percent. It also lowers the federal income tax rate on larger corporate employers from 35 percent (the highest in the developed world) to 25 percent (closer to the developed nation average). While this is a start, ATR believes the rate must fall to 20 percent or less.|
A version of the President’s budget plan received a grand total of no support in the House failing to pass 414-0.
We’d like to compare Rep. Ryan’s budget to the Senate’s budget, but Harry Reid hasn’t passed one in over 1,070 days.