Brit Hume of Fox news questions Ryan about which deductions the R/R ticket would cut, can't pin him down. With the thousands of pages that make up the current tax code, what do they come up with as ideas for "closing loopholes" but the mortgage interest deduction and possibly charitable deductions? How about getting rid of tax expenditures like the subsidies to the oil companies? Of course we don't know what they're thinking because on this Monday, (stay tuned for a different position any minute now) they don't want to share details. Reminds me of Nixon's secret plan to end the war.
"That is something that we think we should do in the light of day, through Congress," Ryan told Hume, promising to "have a process for tax reform so that we do this in the front of the public. So no, the point I'm trying to say is, we want feedback from Americans about what priorities in the tax code should be kept, and what special interest loopholes we want to get rid of."
One of the "loopholes" that costs the IRS the most money is the mortgage interest deduction. Another relates to municipal bonds. Hume asked Ryan if either would be on the chopping block. Ryan refused to say.
The mortgage deduction is enjoyed by millions of homeowners and is the primary policy by which the government encourages homeownership. Taxing municipal bond interest would drive up the cost of borrowing for local governments substantially.
Ryan's refusal to lay out the ticket's tax plan is in line with Romney's earlier resistance to specify which programs, beyond funding for Planned Parenthood, he'd be willing to cut. During his failed Senate bid in 1994, Romney was open about programs he'd be willing to cut, and faced a backlash. He has cited that negative experience in explaining why he now won't tell voters what spending he plans to eliminate.
http://www.huffingtonpost.com/2012/08/14/paul-ryan-taxes_n_1777353.html
"That is something that we think we should do in the light of day, through Congress," Ryan told Hume, promising to "have a process for tax reform so that we do this in the front of the public. So no, the point I'm trying to say is, we want feedback from Americans about what priorities in the tax code should be kept, and what special interest loopholes we want to get rid of."
One of the "loopholes" that costs the IRS the most money is the mortgage interest deduction. Another relates to municipal bonds. Hume asked Ryan if either would be on the chopping block. Ryan refused to say.
The mortgage deduction is enjoyed by millions of homeowners and is the primary policy by which the government encourages homeownership. Taxing municipal bond interest would drive up the cost of borrowing for local governments substantially.
Ryan's refusal to lay out the ticket's tax plan is in line with Romney's earlier resistance to specify which programs, beyond funding for Planned Parenthood, he'd be willing to cut. During his failed Senate bid in 1994, Romney was open about programs he'd be willing to cut, and faced a backlash. He has cited that negative experience in explaining why he now won't tell voters what spending he plans to eliminate.
http://www.huffingtonpost.com/2012/08/14/paul-ryan-taxes_n_1777353.html