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Monday, August 13, 2012

Ryan Plan Reduces Taxes on 1% to 1%

Paul Ryan, Mitt Romney's pick for vice president, wants to make Harry Reid an honest man. His tax plan would eliminate taxes on wealthy people like Mitt Romney:
In his 2010 “Roadmap for America’s Future,” Ryan proposed eliminating taxes on corporate income, estates, dividends, interest and capital gains. He would simplify the individual income tax system into a two-rate structure topping out at 25 percent and impose what is effectively an 8.5 percent value-added tax.
Under Ryan's tax plan Romney would pay less than 1% in taxes because so little of his income is earned; most of Romney's income is in dividends, interest and capital gains. He earned a paltry $593,996 in 2010, while making $21.9 million dollars and paying only 13.9% in taxes. This is because the Bush tax cuts include a 15% capital gains tax rate, which means rich guys like Romney can loaf around and do nothing while people who actually have to bust their asses doing real work pay up to 35%.

Talk about picking winners and losers.

Poor people who currently pay no taxes would pay drastically more with a VAT tax, which is a sales tax on everything.

Middle-class workers would see the price of everything they buy go up almost 10% because of the VAT, and their net taxes would actually go up because loopholes like the home interest deduction would have to be eliminated in order for the Ryan plan to work at all. That's because, even though corporations are people, my friends, they would pay no taxes under Ryan's plan, and someone has to pay for the gigantic military budget increases Romney is promising.

Meanwhile, rich people could simply rearrange some deck chairs with their fund managers to pay zero tax.

And that's why porn star Jenna Jameson endorsed Mitt Romney from the stage of a strip club, saying "When you're rich, you want a Republican in office."

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