What You Didn’t Know About The Ryan Budget: It Cuts Taxes For The Rich At While Raising Taxes on New Mexico’s Middle Class

ALBUQUERQUE (Aug. 16, 2012) - Republican Senate candidate Heather Wilson says she “admires” Mitt Romney’s new running mate Paul Ryan for his willingness to “put forth bold ideas” that would increase taxes on middle class families in order to provide tax cuts for the wealthy. 

“Congresswoman Wilson admires the same top-down economics that crashed our economy,” said Whitney Potter, spokeswoman for Democratic Senate candidate Martin Heinrich. “Martin Heinrich admires New Mexico’s working families trying to provide for their children, not radical plans that weaken the middle class by raising taxes on most Americans.”

Paul Ryan’s extreme budget includes a tax “reform” plan that would not only make the Bush tax cuts for the wealthy permanent, but cut them even further. An ABC News report found that, “While Mitt Romney would reportedly pay less than one percent of his income in taxes under Paul Ryan's previous tax plan, most Americans making less than $200,000 would see a tax hike under the budget of Ryan proposed before his selection to be Romney's running mate, according to a report by Sen. Robert Casey Jr.”

During her 10 years in Congress, Wilson voted for each and every round of the Bush Tax Cuts for the wealthy at the expense of the middle class.  Wilson’s votes were a windfall for the rich, and added more than $1.7 trillion dollars to the deficit.  

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Background: 

Heather Wilson says she admires Ryan’s willingness to put forth bold ideas.  "Paul Ryan and I served together and I've always found that he's a decent, honest and smart man," Wilson said. "And I admire his willingness to put forth bold ideas on big issues, even if I don't always agree with him." [KOB Eyewitness News, 8/11/12]

Wilson’s implicit support for the Ryan Budget that would end Medicare.  In May 2011, the Santa Fe New Mexican reported that, when asked about the Ryan Budget, Wilson responded, “I give [Ryan] a lot of credit for trying to have a serious debate about saving Medicare. Democrats have not offered one single idea to save Medicare.”  [Santa Fe New Mexican, 5/30/11]

Ryan Plan Would Cut Taxes For The Wealthiest, Like Mitt Romney, While Increasing Taxes for “Most Americans Making Less Than $200,000.” ABC found that “While Mitt Romney would reportedly pay less than one percent of his income in taxes under Paul Ryan's previous tax plan, most Americans making less than $200,000 would see a tax hike under the budget of Ryan proposed before his selection to be Romney's running mate, according to a report by Sen. Robert Casey Jr. (D-Pa.) [...] Households with incomes between $100,000 and $200,000 would see their taxes increase by $2,681, the Joint Economic Committee said.” [ABC, 8/14/12]

Ryan budget would permanently extend the Bush Tax Cuts for the wealthy. In addition to permanently extending the Bush tax cuts, the Ryan budget would cut the top marginal tax rate on individuals to 25 percent—lower than at any point since the Herbert Hoover presidency. It would repeal the alternative minimum tax, which is primarily paid by high-income taxpayers who claim large tax deductions. [CAP,3/20/12]

The Republican Budget proposes replacing the current tax code with just two tax brackets--10% and 25%.  A new JEC report finds that under this plan, "[t]he richest households would receive the greatest benefit from these changes."  While the richest amongst us get over $1 million in extra tax cuts, seniors would see their Medicare cut, students see their Pell Grants cut, and we would stop investing in our energy future.  [JEC, 6/20/12] 
 
Ryan budget would protect tax rates for the wealthy, end deductions for middle class.  The Ryan Budget would cut key tax expenditures benefitting the middle class, raising taxes for middle class families by $1,358. The Ryan Budget's proposed tax changes would cut $4.5 trillion in federal revenue over the next ten years.  Ryan has proposed reducing tax expenditures.  While he's said he would protect the special tax rates for capital gains and dividends, which benefits mainly the very wealthy, he has not said he would protect tax expenditures that help the middle class, including tax deductions for mortgage interest, state and local taxes, charitable contributions, and tax exclusions for employer-sponsored health care and contributions to 401ks.  Ending these would raise taxes for middle class families by $1,358.  In New Mexico, 111,237 middle class families would see their taxes rise under the Romney-Ryan budget. [JEC, 6/20/12] 

Wilson voted for every round of the Bush Tax Cuts for the wealthy. In 2001,Wilson supported President Bush’s first round of tax cuts. In 2003, Wilson supported another round of tax cuts that overwhelmingly benefited the wealthy. In 2004, Wilson supported President Bush’s budget that permanently locked in multitrillion-dollar tax breaks that mostly benefit the nation’s wealthiest. In 2005, Wilson backed a Republican bill that extended capital gains and dividend tax breaks for the rich. And in 2006 Wilson backed another Republican tax break package that the Washington Post dubbed a “windfall for the rich, and a hole in the federal budget.” [HR 1836, Vote 149, 5/26/01; HR 2, Vote 225, 5/23/03; Center for Budget & Policy Priorities, 5/28/03;; H Con Res 393, Vote 92, 3/25/04; Vote 621, 12/8/05; Chicago Tribune, 12/9/05; HR4297, Vote 135, 5/10/06; Washington Post, 5/11/06] 
  
Bush Tax Cuts for the wealthy contributed $1.629 trillion to the deficit.  This is even before calculating the interest costs on the debt incurred.  [CBO, 6/7/12]

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