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Obamacare | Retained | Repealed |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 |