"The Ryan Budget: A Primer on What’s Now the Hottest Topic in 2012" at Time

[applegrove]

The Ryan Budget: A Primer on What’s Now the Hottest Topic in 2012

By Massimo Calabresi and Jay Newton-Small at Time

http://swampland.time.com/2012/08/11/the-ryan-budget-a-primer-on-whats-now-the-hottest-topic-in-2012/

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Ryan’s plan envisions a broadening of the tax base and a lowering of individual income tax rates from a maximum of 35% at the moment, to 25%. There would be one lower tax rate of 10% for those filing jointly with income under $100,000. It would end some tax breaks and deductions to help bring in revenue, although his plan doesn’t specify which ones. The big ticket items, like mortgage interest and charitable deductions, are unlikely targets. Similarly, Ryan’s plan would reduce the top corporate tax rate from 35% to 25% and remove exemptions. His most recent budget would bring in $37 trillion in tax revenue over ten years compared to the White House’s most recent plan, which would bring a little over $40 trillion over the same period.

Ryan’s plan would spend $6.8 trillion less over ten years than the current White House budget. Those cuts come primarily from the health care programs; defense spending is untouched.

The Ryan plan’s budget deficit would be around 1% of GDP over the next ten years. It is not projected to balance the budget until 2040.

The “Other” Plans

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