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Ryan: Budget strips loopholes for top earners

(FOX NEWS) — The Republican chairman of the House Budget Committee said Sunday that his controversial budget proposal would target high-income Americans, by specifically eliminating deductions and loopholes for the wealthy while leaving “middle-income tax writeoffs” in place.

Democrats have assailed Rep. Paul Ryan’s budget plan — the sequel to last year’s proposal — as a gift to the 1 percent, claiming it would hurt the most vulnerable while padding the pockets of the well-off.

Ryan, though, told “Fox News Sunday” that the plan would close tax breaks for top earners.

“Take away the tax shelter, subject all of their income to taxation, and get more revenue — and we can lower everybody’s tax rate in return,” Ryan, R-Wis., said.