On the heels of President Barack Obama's recent release of his fiscal year 2010 budget, Congressman Paul Ryan (R-WI 1st District), ranking Republican on the House Budget Committee, is pushing for major reform in the areas of tax, monetary and entitlement policy, criticizing the new administration's budget as having the practical effect of taxing "work, savings, investment, capital and risk-taking far more than we are today" and "hurting our chances of coming out this recession robustly."
In a discussion with Tax Foundation Manager of Media Relations Matt Moon in this week's edition of the Tax Policy Podcast, Ryan proposes a two-tiered individual income tax system with the top marginal tax rate cut to 25% and the lower bracket cut to 10% for the first $100,000 for couples, as well as a cut in the corporate tax rate to 25%.
Ryan's op-ed in the March 2, 2009 edition of the Wall Street Journal on this subject can be found here. His plan for long term fiscal reform, "A Roadmap for America's Future," can be found at www.americanroadmap.org.
Click here to learn more about the Tax Foundation's work on tax reform. Don't forget to visit our CompeteUSA project for more on business tax reform.