In an issue beginning to dog the Republican's campaign in the U.S. 2012 Presidential race, Paul Ryan again failed to detail the GOPs tax cut plans. The party's V.P. nominee stumbled when asked about the plan today on 'Fox News Sunday'.
“I don’t have the...it would take me too long to go through all of the math," Ryan told host Chris Wallace. Ryan had told Wallace he and Mitt Romney would lower taxes by 20 percent without increasing the deficit or ultimately increasing taxes for lower and middle-income wage earners; Wallace noted Ryan wasn't providing "the math."
Not unlike Romney's tax returns and time spent at Bain Capital, claims they have a forumula for lowering taxes without effecting the economy negatively has become a source of difficulty for the ticket. Neither he nor Romney have provided details for the plan and President Obama and Vice-President Joe Biden have made considerable sport of their failure. Wallace played a clip of Obama doing so on 'Fox News Sunday' for Ryan.
Paul Ryan: "closing loopholes"
Not being able to provide details, however, did not stop Ryan from extolling the virtures of the plan. “But let me say it this way,” he told Wallace, after declining to offer specifics. “You can lower tax rates 20 percent across the board by closing loopholes and still have preferences for the middle class for things like charitable deductions, home purchases, for health care.
"What we’re saying is people are going to get lower tax rates and therefore they will not send as much money to Washington.”
While Ryan and Romney continue making their claims without telling the electorate how they'll acheive it, tax and economy experts have stated cutting taxes so dramatically is not possible without increasing the deficit and ultimately creating more taxes for low and middle-income earners. Last month the Tax Policy Center (TPC), an independant body that provides analysis of tax issues in the U.S., issued a report on the GOP ticket's planned cuts.
"Our major conclusion is that a revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed," the report said in part. "Including reducing marginal tax rates substantially, eliminating the individual alternative minimum tax (AMT) and maintaining all tax breaks for saving and investment, would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers."
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