Ryan Budget Plan Would Cut Income Taxes for Millionaires by at Least $187,000 Annually and Facilitate Corporate Tax Avoidance

House Budget Committee Chairman Paul Ryan has introduced a budget plan that, if implemented, would reduce revenues so significantly that they would be inadequate to pay for the federal spending under the Reagan administration, let alone the spending required in the years ahead. The Ryan budget would provide income tax cuts for millionaires averaging at least $187,000 in 2014. The plan would also reduce corporate income taxes and would increase the ... Full Story »

Posted by Tanya J. Maurer

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Randy Morrow
4.3
by Randy Morrow - Mar. 27, 2012

A territorial system would increase the existing incentives for U.S. corporations to move their operations offshore or use accounting gimmicks to make their U.S. profits appear to be “foreign” profits generated in offshore tax havens. —- If allowing corporations to defer their U.S. taxes on offshore profits encourages these abuses, then exempting those offshore profits from U.S. taxes entirely would logically increase this incentive. —-

The facts of what this Ryan plan would dol

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