First Medicare, Now Ryan Tackles Tax Code

GOP budget whiz kid wants a fairer, simpler tax system.

By + More

House Budget Committee Chairman Rep. Paul Ryan, who inflamed the debate over Medicare with his 2012 budget blueprint, is now pushing to revamp the tax code. This time, his ideas might not be as controversial.

"A tax code should be fair, competitive, and simple, and the U.S. tax code fails on all three counts," he says in a new video review of his plan.

Like President Obama's P.R. push for his jobs plan, Ryan notes that many of the GOP ideas to change the tax code have bipartisan support. Even when it comes to the wealthy. [Vote: Will Congress Pass Obama's Jobs Bill?]

He explains: "If we lower tax rates, does that mean the wealthy pay less in taxes? Not if we do it by closing loopholes. Because the people who use most of the loopholes are those in the top tax brackets. For all the money that's parked in these tax loopholes, all that money's taxed at zero. Take away the tax loophole; lower everybody's tax rates—that money's now taxed. But its taxed at a fair, more simple, more competitive way so the small business men and women who are out there striving and competing have a better tax rate so they can compete in this global economy."

See his video presentation below: