Rep. Paul Ryan Calls President Obama’s Millionaire Tax Plan “Class Warfare”

Congressman Paul Ryan believes that having millionaires pay their fair share to close the deficit gap is “class warfare.”

The tax proposal, which would be introduced in 2013 and limit the deductions and credits that high earners could take once they hit the million-dollar threshold, is part of a broad plan for $2 trillion in deficit reductions that Mr. Obama is expected to unveil on Monday at the White House.

Representative Paul D. Ryan, chairman of the House Budget Committee and a leading proponent of cutting spending on benefit programs like Medicare, said the proposal would weigh heavily on a stagnating economy.

On “Fox News Sunday,” Mr. Ryan said it would add “further instability to our system, more uncertainty, and it punishes job creation.”

“Class warfare,” he said, “may make for really good politics, but it makes for rotten economics.”

By: Alan

Alan Colmes is the publisher of Liberaland.