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Paul Ryan’s plan would reduce corporate taxes, close tax loopholes

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Republican nominee Mitt Romney’s announcement that Rep. Paul Ryan of Wisconsin would be his running mate set the business community abuzz over how Ryan’s vision for reducing the national deficit could have tax implications for corporations.

Ryan’s plan, known as the “Path to Prosperity,” seeks to reduce the corporate tax rate from 35 percent to 25 percent and close tax loopholes — but Ryan has yet to specify which ones. Details about which loopholes he’s referring to won’t be disclosed until after the November election because, as Ryan told Fox News, it is “something that we think we should do in the light of day, through Congress.”

Romney did not exactly rush to embrace all the details of Ryan’s budget proposal, saying that his own budget plan is the one they’ll be running on. But Ryan’s plan is more detailed than Romney’s, and has support from House and Senate Republicans — indicating the direction a Romney/Ryan administration could take in the White House. In an interview with Cincinnati-based ABC affiliate WCPO-TV last week, Ryan said he is supporting Romney’s plan, “which is very similar,” and that he and Romney share the same principles and values.

The National Federal of Independent Business and the U.S. Chamber of Commerce have generally supported Ryan. The NFIB gave the congressman a 71 out of 100 score on congressional votes monitored by the trade group last year, the Wall Street Journal reported, and the chamber gave him a score of 100.

During a four-state bus tour last week, Ryan told WCPO-TV that President Obama’s bailout of the auto industry and stimulus plan have failed.

“We have more people in despair, more people out of work, we’re not creating the kinds of jobs we need in this country,” Ryan said. “It’s failed leadership. It’s a bad record.”

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