GOP Budget Solidifies Tax Structure

Representative Paul Ryan (R-WI) talks about the newly introduced GOP Budget proposal and its ability to eliminate deductions and loopholes for millionaires.  Ryan says popular deductions won’t have to be eliminated for everybody but just for those who ‘disproportionaly’ use them — millionaires.

This budget proposal gives a simpler tax code to the American people, making a two bracket system instead of the current six.

“The plan would close tax breaks for top earners.  [It] takes away the tax shelter, subjects all of their income to taxation, and gets more revenue — and we can lower everybody’s tax rate in return,” says Representative Ryan.

Ryan also stresses this budget’s ability to save 3.3 trillion dollars over the next decade as compared against President Obama’s budget plan.


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