"Paul Ryan's Tax Math Just Became More Magical"

[applegrove]

Paul Ryan's Tax Math Just Became More Magical

http://www.theatlantic.com/business/archive/2013/03/paul-ryans-tax-math-just-became-more-magical/273959/#.UUCxDprTxyQ.reddit

"SNIP................................................

This isn't a new magic trick for Ryan. It's just a bigger one. His tax plan hasn't changed from its previous iteration, but his revenue goal has. Ryan wants to keep the higher revenue level from Obamacare and the fiscal cliff deal without keeping those tax rates. That means his magic asterisk needs to be even more magic.

How much more magic? About a trillion dollars more.

Ryan's tax cuts would reduce revenue to a very low 15.5 percent of GDP over the next decade, according to the Tax Policy Center. But his revenue target for last year was 18.3 percent of GDP. Ryan said he would make up the difference by killing $5.6 trillion or so in tax breaks that he couldn't name. That was magical enough. But now he says he wants the same tax cuts and an extra 0.5 percent of GDP in revenue. That's about a $6.7 trillion hole. And remember, Ryan says his total budget -- tax reform and spending cuts -- will save $4.6 trillion the next 10 years. In other words, Ryan's magical savings are 146 percent of his overall savings.

This isn't a good trick. As Michael Linden of the Center for American Progress points out, there are only about $2 trillion worth of itemized deductions over the next decade. Ryan would also have to cut the big exclusions and preferences that litter the tax code to make his numbers add up.


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[winter is coming]

1. When the big lie doesn't work, try a bigger lie.

[Angry Dragon]

2. Lyan Ryan is just one big piece of shit

[pansypoo53219]

3. this is serious?