If some Republicans are squeamish about Rep. Paul Ryan's proposal to privatize Social Security, there's plenty of tax cuts for the rich included in the plan they might find more to their liking.
TPMDC has been scouring the "Roadmap for America's Future" budget blueprint that Ryan, ranking Republican on the Budget Committee, proposed a few weeks ago. Among the nuggets that have GOPers running a bit scared are his plans to dramatically slash Social Security and Medicare benefits to cut the deficit.
Under the plan, Ryan (R-WI) also would give taxpayers a choice of a "simpler" system with just two tax brackets and he would repeal the corporate income tax. In its place he creates a "consumption tax" of 8.5 percent that experts tell us would unfairly burden the lower and middle classes. That's a tax on all goods and services that shifts the tax burden from corporations to individual consumers.
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The roadmap has a GOP grab-bag of tax cuts, eliminating capital gains taxes, interest income taxes, the alternative minimum tax and estate tax Republicans dubbed the "death" tax. It also increases the standard deduction for tax filers.
"These are very, very dramatic changes in the tax code ... likely to lose a tremendous amount of revenue," said Jim Horney, director of federal fiscal policy for the Center on Budget and Policy Priorities (CBBP).
http://tpmdc.talkingpointsmemo.com/2010/02/ryan-roadmap-also-includes-sweeping-tax-changes---big-cuts-for-the-rich.php?ref=fpa
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