Republican vice presidential candidate Rep. Paul Ryan (R-Wis.) in a Bloomberg interview broadcast Tuesday provided a bit more detail on the tax overhaul plans of GOP presidential nominee Mitt Romney.
Ryan has been under fire since a weekend appearance on Fox News Sunday in which he said he did not have time in the interview to get into the details of the plan.
Romney has proposed lowering taxes by 20 percent across the board for individuals and lowering the corporate rate to 25 percent in a deficit-neutral way that shields the middle class from net tax increases. Democrats have said the math doesn’t add up.
Ryan, interviewed in Iowa, said that the plan will go after tax deductions and said clearly that individuals making $150,000 per year will see a net tax cut. Romney last week warned an Ohio audience not to expect a tax cut necessarily.
“You are going to have a net tax rate reduction, a net tax liability reduction,” Ryan said when asked about those at the $150,000 level.
To accomplish this feat, Romney backs going after tax breaks “primarily” for upper-income individuals, Ryan said.
“You can lower tax rates across the board by 20 percent, primarily limit your deductions from those at the top end, and then get rid of all those nook and cranny special-interest tax expenditures ... and you can do this without raising taxes on middle-class taxpayers. This actually lowers their taxes,” he said.
For more on Ryan's comments, click here.
