Paul Ryan’s First Tax Legislation Adds Nearly $100 Billion to Deficit
WASHINGTON — The first bills promoted by Rep. Paul Ryan (R-Wis.) as the new chairman of the tax-writing Ways and Means Committee would add nearly $100 billion to the deficit over 10 years.
Ryan, a deficit hawk during his time as the chairman of the Budget Committee for the previous six years, made his fame proposing budgets that aimed to dramatically cut domestic spending and balance the budget within a decade.
But in his first legislative act as head of the committee that will be central to expected tax reform efforts over the next two years, Ryan pushed through a package of seven tax cut bills that would add $93.5 billion to the deficit in the next decade.
The largest, a measure that lets small business write off expenses more quickly, would add $77 billion to the deficit.
Other measures would allow companies to inflate the value of food donations (including things like old Twinkies), make it easier to donate retirement savings, and conserve land, among other things.