OohPooPahDoo
Gold Member
The Ryan plan would not eliminate capital gains taxes, or eliminate any taxes at all. Tax rates would be cut across the board.
Incorrect:
H.R.4529: Roadmap for America's Future Act of 2010 - U.S. Congress - OpenCongress
This is comprehensive legislation containing a wide range of Republican policy priorities. It would reform the heath care system by offering tax credits for individuals buying insurance, allowing insurers to sell across state lines, creating state-based exchanges, eliminating the State Children's Health Insurance Program (S-CHIP) and turning Medicare into a voucher program for purchasing private insurance. It would also essentially privatize Social Security.
Additionally, the bill would eliminate corporate income taxes, eliminate all taxes on capital gains, do away with the Alternative Minimum Tax altogether, and create a new income tax rate with only two brackets. Individuals earning above $50,000 annually would pay 250% more in taxes than those making less than $50,000. All unspent stimulus money from the passage of H.R.1 would be rescinded, and it includes a spending freeze similar to what President Obama has proposed.
So, in other words, Ryan's plan would eliminate taxes altogether for the richest among us, people like Mitt Romney, who make their money primarily from capital gains.
And, to pay for it, he'd stop paying for health care for children.
To be fair - it wouldn't eliminate tax on the earned income of the wealthy, only their passive income. Ryan clearly values passive investment activity to actual hard work.