Who is Paul Ryan? He is a young member of the U.S. House of Representatives from Wisconsin. He is the senior member of the House Budget Committee and on the Ways and Means Committee. And he is one of the only legislators that has come up with practical solutions for our budget deficit crisis. Among other things, Ryan has a plan for tax reform, which includes the following:
‘This plan discards a needlessly complex and manipulative tax code, replacing it with a simplified mechanism that promotes work, saving, and investment.
Provides individual income tax payers a choice of how to pay their taxes – through existing law, or through a highly simplified code that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except the health care tax credit).
Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).
Eliminates the alternative minimum tax [AMT].
Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.
Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.” READ THE ENTIRE PLAN HERE: http://www.house.gov/ryan/roadmap/roadmap.htm
Although I don’t agree with all of Rep. Ryan’s suggestions, it is encouraging to see new ideas that bring practical solutions to creating jobs, reducing government and improving the financial situation in the United States.