The Duffey Law Firm Blog

Friday, March 23, 2012

Paul Ryan’s New Tax Plan

Paul Ryan and the Republican party cite coming debt crises as necessity for major tax changes.  Democrats react with charges that the Republican budget proposal hurts seniors without focus on revising or eliminating the tax breaks for the wealthy.

Ryan’s plan sets discretionary spending at $1.028 trillion for FY 2013.  This budget is approximately $19 billion less than the spending cap agreed to by President O’Bama and the Republican party on the deal to raise the national debt ceiling.

The Ryan budget: converts the current tax brackets from six to two: 10% & 25%; cuts the corporate rate from 35% to 25%; eliminates the Alternative Minimum Tax; overhauls Medicare for those under the age of 55; cuts the deficit by $3.3 trillion in ten years; cuts taxes on corporations with oversees operations.

Congressional Budget Office says that 15% of US revenues goes only to service the National Debt.

No mention in current proposal on the Federal Estate Tax, Gift Tax or the Generation Skipping Transfer Tax.

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