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Today, House Budget Committee Chairman Paul Ryan (R-Wis.) released his FY 2012 budget resolution.  It is a no-tax-increase budget which stands in stark contrast to the Simpson-Bowles (Obama) commission (and the Coburn-Chambliss “Gang of Six” which is introducing legislation modeled after Simpson-Bowles).  The Ryan approach is the conservative one:


Gang of Six /

Simpson Bowles

Paul Ryan
Ten Year Net Tax Hike $1-3 Trillion (Depends on Estimates) $0
Tax Revenue Target 21% of GDP, an unprecedented high 18-19% of GDP (the historic average)
Spending Target 21% of GDP in perpetuity 21% of GDP, falling to 14% of GDP by 2050
National Debt 34% of GDP by 2040 Paid off by 2050. 
Obamacare Retained Repealed
Top Personal and Corporate Tax Rates As High as 28%. No higher than 25%.
Payroll Tax Hike Yes No
Gas Tax Hike Yes No
Tax Increase Trigger Yes No