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In the Media

article imageRyan statement untrue, Biden and Romney agree on tax plan

article:334741:16::0
By Greta McClain
Oct 12, 2012 in Politics
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During the vice presidential debate Thursday night, Paul Ryan stated the tax plan he and Romney are proposing has been done before and worked.
When the question of tax plans was introduced, Ryan defended the Romney tax plan, stating it had been done twice before, once under President Kennedy and again under President Reagan. A Fox News transcript of the exchange is as follows:
RYAN: You can -- you can cut tax rates by 20 percent and still preserve these important preferences for middle-class taxpayers...
BIDEN: Not mathematically possible.
RYAN: It is mathematically possible. It's been done before. It's precisely what we're proposing.
BIDEN: It has never been done before.
RYAN: It's been done a couple of times, actually.
BIDEN: It has never been done before.
RYAN: Jack Kennedy lowered tax rates, increased growth. Ronald Reagan...
BIDEN: Oh, now you're Jack Kennedy?
RYAN: Ronald Reagan -- Republicans and Democrats...
However, according to a NPR transcript of the first presidential debate between President Obama and Gov. Romney, Romney says:
MR. ROMNEY: Number two, let's look at history. My plan is not like anything that's been tried before.
According to the Heritage Foundation, both Presidents Kennedy and Reagan did cut taxes by 20% and the tax revenue increased. However, the Kennedy tax cut resulted in the rich seeing their portion of the income tax burden climb from 11.6 percent to 15.1 percent. Tax collections from those making over $50,000 per year climbed by 57 percent between 1963 and 1966. Those individuals making less than $50,000 saw their tax burden rise by 11 percent.
The same holds true for the Reagan tax cuts. The share of income taxes paid by the top 10 percent of earners rose from 48.0 percent in 1981 to 57.2 percent in 1988. The top 1 percent saw their tax burden rise a full 10%, going from 17.6 percent to 27.5 percent in 1988.
Romney has said on many occasions that he opposes any form of higher taxes on the wealthy.
According to Yahoo Finance, Romney has said besides making a 20% across the board tax cut, he plans on reducing the corporate tax rate even more. He also wants to repeal the Alternative Minimum Tax and make investments tax-free for those making less than $100,000.
Since history has shown that the tax burden on the wealthy increased significantly under the Kennedy and Reagan tax plans, it appears very reasonable that both Biden and Romney are right when they say the tax plan has never been tried before, and that Ryan's statement was simply untrue.
article:334741:16::0
More about Joe biden, Paul Ryan, Debate, Vice president, vice presidential debate
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