10-12-2012, 08:04 PM
BIDEN: Now, there’s not enough — the reason why the AEI study, the American Enterprise Institute study, the Tax Policy Center study, the reason they all say it’s going — taxes go up on the middle class, the only way you can find $5 trillion in loopholes is cut the mortgage deduction for middle-class people, cut the health care deduction, middle-class people, take away their ability to get a tax break to send their kids to college. That’s why they arrive at it.
RADDATZ: Is he wrong about that?
RYAN: He is wrong about that. They’re…
BIDEN: How’s that?
RYAN: You can — you can cut tax rates by 20 percent and still preserve these important preferences for middle-class taxpayers…
BIDEN: Not mathematically possible.
RYAN: It is mathematically possible. It’s been done before. It’s precisely what we’re proposing.
BIDEN: It has never been done before.
RYAN: It’s been done a couple of times, actually.
BIDEN: It has never been done before.
RYAN: Jack Kennedy lowered tax rates, increased growth. Ronald Reagan…
BIDEN: Oh, now you’re Jack Kennedy?
RADDATZ: Is he wrong about that?
RYAN: He is wrong about that. They’re…
BIDEN: How’s that?
RYAN: You can — you can cut tax rates by 20 percent and still preserve these important preferences for middle-class taxpayers…
BIDEN: Not mathematically possible.
RYAN: It is mathematically possible. It’s been done before. It’s precisely what we’re proposing.
BIDEN: It has never been done before.
RYAN: It’s been done a couple of times, actually.
BIDEN: It has never been done before.
RYAN: Jack Kennedy lowered tax rates, increased growth. Ronald Reagan…
BIDEN: Oh, now you’re Jack Kennedy?