• WisPolitics


Tuesday, April 10, 2012

 10:51 AM 

Ryan raps 'Buffett Rule' as mere talking point

U.S. Rep. Paul Ryan says the so-called “Buffett Rule,” championed by Democrats and President Barack Obama, is a rhetorical and political device.

“It sounds like a great talking point,” the Janesville Republican told a WisPolitics.com luncheon in Milwaukee yesterday.

Ryan said the proposal to tax the very wealthy at a higher rate would hurt small businesses without having as much impact on the deficit as Democrats suggest.

“The Buffett Rule pays for 6 percent of the president’s proposed deficit spending,” Ryan said. “So it's a tax increase that just goes into deficit spending.”

Ryan stressed that the category targeted by the “Buffett Rule” includes more than just the Oracle of Omaha.

“You’ve got to remember it's not just people like Warren Buffett, or the hedge fund manager or the baseball player or the movie star. Most of the incomes in that category are successful small businesses,” Ryan said.

According to the congressman, 65 percent of net new jobs come from small businesses and more than half of Americans work for small businesses.

“When we go down that path of raising their tax rates above their competitors, we’re making it that much harder for them to succeed and compete in the global economy,” Ryan said.

Instead, Ryan suggested ending subsidies and loopholes.

“Why would we subsidize Warren Buffett’s health care and pension benefits as much as everybody else?” Ryan asked. “Whether its farm programs or Medicare, let’s income adjust or means test our programs. You can save far more money for deficit reduction that way without committing economic damage to our tax system by taxing our successful small businesses at much higher rates then our foreign competitors.”

To see the WisPolitics.com luncheon in Milwaukee with Ryan, go to channel 411 on Time Warner cable starting Wednesday.


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