Jan 29, 2012
FACT CHECK: Paul Ryan Falsely Claims He Supports Ending Subsidies to Wealthy, Eliminating Loopholes
Today on Fox News Sunday, Republican Budget Committee Chairman Paul Ryan (WI-01) falsely claimed he wants to stop "subsidizing the wealthy" and "get the loopholes out" of our tax code.
In reality, Paul Ryan and House Republicans have repeatedly voted to protect tax breaks for the ultra wealthy and tax loopholes for Big Oil. In fact, Ryan himself authored a plan to give the ultra wealthy tax breaks and supported the creation of tax loopholes for some of his top contributors. Ryan and House Republicans are now opposed to ending these kind of tax breaks for the ultra wealthy in order to stop a payroll tax hike at the end of February.
Millionaires Would Receive Tax Cut of $125,000 per Year under Ryan’s Plan. In April, Robert Greenstein, President of the Center on Budget and Policy Priorities wrote that people with incomes over $1 million would receive an average tax cuts of $125,000 a year under the House Republican budget. [Center for Budget and Policy Priorities, 4/20/11]
Paul Ryan Tried To Create Tax Loopholes For His Biggest Donors. “House Budget Committee Chairman Paul Ryan (R-Wis.) has for months argued for closing tax loopholes as a way to pay for his proposed tax cuts. But it turns out he has a penchant for creating those same loopholes when it comes to helping out his biggest donors […] look at Ryan's record since he was elected to Congress in 1998 shows that he has tried to create an array of special loopholes for his top contributors, whose interests range from air fresheners to fraternity housing to beer.” [Huffington Post, 8/22/11; see also: New York Times, 10/2/11]
House Republicans Voted to Protect Taxpayer Subsidies for Big Oil. On May 5, 2011, House Republicans voted to bypass consideration of the Big Oil Welfare Repeal Act of 2011 (H.R. 1689) which would repeal key taxpayer funded subsidies for oil and gas companies. [H Res 245, Vote #293, 5/5/11; The Hill, 5/4/11; CBS News, 5/4/11; Congressional Record, H3076, 5/5/11]
House Republicans are Refusing to Budge on Payroll Tax Positions. According to Bloomberg News, “Congressional negotiators are refusing to budge from positions that could stall talks to extend a payroll tax cut through 2012. A House-Senate conference committee aimed at breaking the deadlock may meet as soon as Jan. 24. Democrats want to impose a tax on income exceeding $1 million and are warning Republicans against seeking to attach policy proposals that aren’t linked to the tax cut, such as loosening rules on industrial emissions. Republicans oppose the tax on high earners to pay for the extension, while insisting that the full $100 billion package must be offset.” [Bloomberg, 1/19/12]