Ryan: We'll work out tax reform specifics with Congress

Republican vice presidential candidate, Rep. Paul Ryan, R-Wis. talks to firefighters in Oak Creek, Wis., Tuesday, Sept. 11, 2012.

/ AP Photo/Morry Gash

(CBS News) A number of prominent conservatives have expressed concern that the Romney campaign is hurting its chances this November by leaving key pieces of its tax policy agenda blank, but vice presidential nominee Paul Ryan said over the weekend that those details need to be negotiated with Congress.

"I'm very familiar with how to make successful tax reforms take place," Ryan, chairman of the House Budget Committee and member of the Ways and Means Committee, said in an interview conducted Friday with the Christian Broadcasting Network's David Brody. "Ronald Reagan and Tip O'Neill did it in 1986, but we haven't done it since 1986 for lots of reasons, which is we don't want to presume to say 'Here's exactly our way or the highway take it or leave it Congress.'"

Specifically, Brody asked Ryan what tax loopholes a Romney-Ryan administration would close. Mitt Romney has vowed to cut tax rates by 20 percent across the board and make a number of other tax cuts. He's pledged to do so without adding to the deficit by getting rid of certain tax deductions and loopholes. He's refused to say, however, which loopholes would be closed.

A recent study from the Tax Policy Center found that in order to carry out his plan, Romney would have to slash many popular tax benefits like the mortgage interest deduction and the child tax credit, leaving the middle class with a higher tax burden. The Obama campaign has seized on this report -- as well as Romney's reticence to name the loopholes he would close -- to slam the GOP candidate's plan.

Ryan told Brody that instead of dictating a specific plan to Congress, a Ryan administration would join Congress to "work on the loopholes that are enjoyed by the higher income earners, take away their tax shelters so more of their income is subject to taxation. That lowers everybody's tax rates."

"We have to be able to work with Congress on those details, on how to fill it in and more to the point we don't want to cut some backroom deal that they did with Obamacare where we hatched some plan behind the scenes and they spring it on the country," Ryan continued. "We want to do this in front, in the public, through congressional hearings with Congress so that we can get to the best conclusion with a public participation."

While the White House did cut backroom deals as it worked on its massive overhaul of federal health care policy, the Obama administration also engaged heavily with Congress in public meetings over health care reform, including one on-camera, seven-and-a-half hour bipartisan meeting.

While Ryan said the GOP ticket doesn't need to be more specific about its tax reform plans, the campaign is reportedly planning on shifting its messaging to give voters a clearer picture of Romney's economic plans.

[EugenePatrickDevany]

The tax code redistributes income and over time it redistributes wealth. Some (perhaps 47% of the country) are tax freeloaders who take advantage of $100 billion in child care and earned income credits to pay no taxes (and some also receive food stamps). The high earners and corporations on the other hand share $1.2 trillion in tax expenditures. This causes the country has to borrow over $1 trillion to make up lost revenue and that is the only reason we have a $16 trillion national debt. Who are the real tax freeloaders is a fair question.

Today the bottom half of the country have only $3 for every $10 they had in 1995. The top 10% prospered quite a bit over the last 20 years but most of the country did not. Their wealth was taken by the tax code and its effect on the economy. Half the country is worth $586 billion (in 2010 dollars) and the country borrows twice that amount every year to give it to the rich.

It may be good that this information is no longer taught in high school or college because some get restless in the face of gross unfairness that threatens their future. On the subject of the future, its hard to believe that Mr. Romney is losing the economic argument due to his personal arrogance and greed. Perhaps the fat cats deserve four more years - it won't be pretty.

The tax reform solution is the 2-4-8 Tax Blend and you can read more at TaxNetWealth.com.

[A_Canadian_Opinion]

Come on, just trust us, we've got your back.

[nearl451]

Boy, talk about specifics.

It would really be refreshing for Mr. Ryan to just lay out how much those making less than 500K are to be screwed amd how much the give away tothe 2% will be.

Still haven't raised a red cent to pay for two past and passing wars.

[VKAGG]

If Ryan-Romney want people's vote, then you have to tell before the elections what loopholes you are going to close and more detail on taxes otherwise other side get the votes because they are giving more details what they want to do. As of today Sept 17,2012, I feel that GOP ticket is not trustworthy because they are hiding details or have no details. GOP strategy is look like as follows
"Prefer to loose election then giving details or specifics".

[CBSDebbie]

Ryan... Just not good enough. Work out tax reform with the people first. The people with beating hearts. Congress is a failure and I don't trust them or you.

[hayseedbears]

What more do you expect from a Tea Party guy. You do know the Tea Party "grass roots" movement is funded by the Koch brothers, don't you.

[nanc12]

And the repubs wonder why he's going down in the polls, lol. First, it's "trust me, I've paid taxes, I'm just not going to show them to you people." Then it's, "I'm going to repeal Obamacare, but I'm not going to tell you what I'll be replacing it with, we'll work that out after I'm elected and the corporations tell me what they want me to do." Then it's "Here's my economic plan - yeah I know there's nothing in it, trust me, it's going to work. I'll tell you about it later." Today he also promised he was going to fix immigration. Did he say how? Um, no. Democratic commercials just need to have video of him talking and saying nothing - it will be enough. Thank you, repubs, for nominating Mittens!!

[stevex47]

Lets face it, the birthers would vote for bin laden over Obama.

Mission Accomplished.

[sobobx]

Nice cop out, Ryan. Do you think the majority of the 5-7 percent of independents you're after can't see through that? Seriously?

[melchg01]

Ryan have you seen congress work lately?!! oh wait... FAIL

[melchg01]

Let me translate: We'll cut taxes and then see if we can cut any programs and close any loopholes.

[arthanyel]

Not quite - you need the Norquist Expansion Pack on your Teapublican translator to get the full message. Full translation: "We'll cut taxes and then let the Democrats argue about cuts until the problem is so dire they will agree to end Medicare and Social Security, which has been our plan from the beginning."

Read Norquist's "Starve the Beast" plan, this is EXACTLY what they are trying to do.