Wednesday, April 13, 2011
In his 2012 budget proposal, Rep. Paul Ryan (R-WI) lays out a plan to lower the top individual and corporate tax rates from 35 percent to 25 percent. This much cutting should mean big revenue losses for the federal government, which already gave up a chunk of its income when officials extended the Bush tax cuts for all income brackets last December. However, Ryan asserts that he can make his cuts revenue neutral by nixing tax expenditures—loopholes, breaks and preferences in the the tax code—simultaneously.
There's just one problem: Ryan has yet to say what those expenditures are.