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Paul Ryan: Class warfare = bad economics. Let's work together to promote growth.

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Published on Sep 18, 2011

Pro-Growth Tax Reform - Fair. Competitive. Simple: http://budget.house.gov/taxreform/

Congressman Paul Ryan of Wisconsin, House Budget Committee Chairman
Fox News Sunday with Chris Wallace
September 18, 2011

What we want to see are pro-growth economics. Even the President's Fiscal Commission are saying - with Democrats on there: lower tax rates, broaden the tax base for economic growth.

I guess what he's saying is he's going to raise the rate on capital at ordinary income tax rates, that's raising capital gains and dividends. Look, if you tax something more, you get less of it. If you tax job creators more, you get less job creation. If you tax investment more, you get less investment. At a time when experts are telling us, including like I said the Fiscal Commission, we should lower taxes on investment and job creation by getting rid of all the loopholes so we can promote economic growth. So, we think this is going in the wrong direction.

Let's not forget that under current law, that the President has already passed, the top tax rate on individuals and small businesses in 2013 goes to 44.8%. We have employers here in Wisconsin that pay this tax rate, who are competing against countries that are taxing their businesses from 16% in Canada, almost 21% going in England, 25% in China. The world taxes their businesses at about 25%, and he's saying we're going to tax our job creators at above 45% with this new tax.

What it does is it adds further instability to our system and more uncertainty. It punishes job creation and those people who create jobs.

Class warfare may make for really good politics, but it makes for rotten economics. We don't need a system that seeks to divide people. We don't need a system that seeks prey on people's fear, envy, and anxiety. We need a system that creates jobs and innovation, and removes these barriers for entrepreneurs to go out and hire people. I'm afraid these kind of tax increases don't work.

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When we've raised capital gains and dividend taxes, we hurt economic growth, we stifle investment in our economy. So if we tax investment and job creation more - you will get less of it.

It looks like the president wants to move down the class warfare path. Class warfare will simply divide this country more, attack job creators, and it doesn't grow the economy. Go to budget.house.gov and see a video we put out that shows a common sense idea - it has a lot of bipartisan support in Washington these days - to lower tax rates by going after the loopholes. Those same millionaires are the ones that use the tax shelters we propose to get rid of.


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You already have a $1.5 trillion tax increase coming in current law starting in 2013. He is giving us a stimulus bill, which is basically like the old stimulus bill, just half as large: temporary tax rebates with permanent tax increases - and then another tax increase on job creators and successful small businesses in addition to that? Why are earth would we go with that - especially when the problem is spending. We want to cut spending; we want to reform these entitlement programs and if we do it the right way it doesn't jeopardize current seniors; and we want to have a tax system that encourages investment, job creation and economic growth.

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