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The Ryan Plan for FY 2012
By Children’s Home Society of Florida Foundation
On April 5th House Budget Committee Chair Paul Ryan (R-WI) presented his budget proposal for Fiscal Year 2012. The comprehensive proposal included over $4 trillion in reduced spending during the next decade and a plan to reduce both the personal and corporate top tax rates to 25%.
House Ways and Means Committee
The tax reform provisions will be handled by the House Ways and Means Committee. Chairman Dave Camp (R-MI) noted that, “with nearly 4,500 changes in the last decade alone, the code is too complex. And with Americans spending over 6 billion hours and over $160 billion annually to comply with the code, it is too costly and too burdensome. Clearly, the time for comprehensive reform has come.”
Many Loopholes
Both parties have raised the possibility of tax reform this year. At a meeting in Pennsylvania, President Obama was asked about the potential for reforming corporate taxes. He noted that the U.S. has “one of the highest tax codes for corporations in the world.”
However, due to “many loopholes” a number of U.S. corporations pay little or no taxes. Moreover, President Obama suggests that it would be good “to reform our tax code, simplify it, lower the rate for corporations, but eliminate a bunch of the loopholes.”
Assessment
Treasury Secretary Timothy Geithner also indicated to the Senate Committee on Appropriations that he is developing a “comprehensive corporate tax reform plan” and it will be released quite soon. Sec. Geithner indicated his plan would include, “a very strong pro-investment, pro-growth, pro-competitiveness proposal.”
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Filed under: Breaking News, Funding Basics, Health Law & Policy, Taxation | Tagged: Children's Home Society of Florida Foundation, Dave Camp, House Budget Committee, House Ways and Means Committee, Ryan Plan |
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Both Parties Join Budget Debate
Following the speech by President Obama on deficit reduction, there was a lively bipartisan debate in Washington.
Senate Majority Leader Harry Reid (D-NV) supported the President. He noted, “We believe that the responsible approach is to make sure the wealthiest Americans contribute their fair share as we try to bring our fiscal situation back into balance.”
Senator Reid promptly appointed the two members of the Fiscal Commission to be chaired by Vice President Biden. His appointments are Sen. Daniel Inouye (D-HI), Chairman of the Senate Appropriations Committee, and Sen. Max Baucus (D-MT), Chairman of the Senate Finance Committee.
Sen. Mitch McConnell, the Minority Leader, held a rather different perspective. He stated, “From my point of view, taxes are not on the table, because we don’t have a revenue problem. We have a spending problem.” Sen. McConnell continues to support the budget reductions that are under discussion as the House Budget Committee votes on the deficit plan by Rep. Paul Ryan.
A group of three Democratic and three Republican Senators continue to develop a bipartisan plan that they will soon introduce in the Senate. The “Gang of Six” Senators claim their plan will be quite similar to the proposal by the President’s Fiscal Commission.
Editor’s Note: Your editor and this organization do not take specific positions on any of the above comments. This information is offered as a service to our readers because the deficit solution will have great impact on both your taxes and benefits in the future.
Source: Children’s Home Society of Florida Foundation
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Senate Votes On Budget
On May 25, the Senate voted on four different proposed budgets. None of the budgets received 50 votes. However, the four budgets did provide opportunity for the senators to discuss the current fiscal challenges.
The first vote was on the budget proposed by House Budget Committee Chair Paul Ryan (R-WI). This budget focused on spending cuts and included approximately $4 trillion in spending reductions over a decade. It received 47 votes.
A second budget was proposed by Sen. Pat Toomey (R-PA). This budget received 42 votes. It included both spending cuts and reductions in corporate and individual tax rates.
A third budget was offered by Sen. Rand Paul (R-KY). It balanced the budgets through major spending cuts in just five years. This budget received only seven votes.
The fourth budget was the proposal by President Barack Obama. There were zero votes in support of that option.
Republicans noted that Democrats in the Senate had failed to produce their own budget. Senate Minority Leader Mitch McConnell (R-KY) encouraged them to move forward with a budget resolution and suggested that it was a “basic responsibility” of the Democratic leadership.
Senate Budget Committee Chair Kent Conrad (D-ND) has been conducting budget discussions with the Senate Democratic Leadership. His proposed budget is believed to include approximately 50% spending reductions and 50% tax increases. However, this budget has not been presented to the Senate.
Sen. Conrad indicated that he will wait for the result of the negotiations under the leadership of Vice President Joe Biden. Those negotiations include leaders of both parties from the House and the Senate.
Speaker of the House John Boehner (R-OH) initially proposed that Biden’s group match a $2 trillion increase in the debt limit with $2 trillion in spending reductions. That negotiation is still underway.
Sen. Orin Hatch (R-UT) noted that the failure of the Senate to produce a budget to date indicates “that absent a Balanced Budget Amendment, Congress will never adopt the spending restraint necessary to restore constitutional limits on the federal government and the nation’s fiscal integrity.”
Editor’s Note: Two sets of negotiations continue. With the departure of Sen. Tom Coburn (R-OK), the “Gang of Five” senators continue to prepare a bipartisan compromise to present to the Senate. While the group, chaired by Vice President Biden, has not released public information, it is believed that there are negotiations discussing substantial expenditure reductions. Because Secretary of the Treasury Timothy Geithner has stated that the deadline is August 2 for resolution of the budget problem, it is probable these negotiations will continue during June and July.
Source: The Children’s Home Society of Florida Foundation
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