Paul Ryan to Chair Tax Writing Committee: Now Cut My Taxes!

This is very good news for the most part.

Wisconsin Representative Paul Ryan has been tapped by Republican leaders to chair the tax-writing Committee on Ways and Means in the U.S. House of Representatives during the next congressional session.

Ryan, the outgoing head of the House budget panel and Ways and Means member since 2000, was recommended by the Republican Steering Committee on Tuesday for the post.

He knows his fiscal Ps and Qs so here is my wishlist for Paul Ryan and his tax committee:

1. Expand the earned income tax credit beyond $496 for people without kids. That would help quite a few millennials that have not formed families yet. That would be a massive stimulus by itself.

2. Cut corporate taxes to an average of the top 10 Industrialized countries. Then close as many industry specific loopholes and get rid of as many subsidies as you can. Companies should not be able to game the system to pay 0% tax like GE does. 

3. Allow companies to repatriate their income at some much lower rate. Maybe 15% or something. I want our multinationals to be able to move their cash from overseas and spend in in the US. This would get rid of inversions right there.

4. Remove capital gains taxes and taxes on interest for people making less than $150,000. The middle class should be able to invest in the stock market or buy bonds without Uncle Sam demanding his cut. I did all the research and took all the risk. The company I bought stock in has already paid their taxes. Why should I have to double pay this tax. This would also end the stupid tax pruning that people have to do in order to reduce their taxes.

5. Create a rental deduction. This would not be as high as a home owners interest and tax deduction but it should be higher than $0. Many younger people in America rent so this would go a long way toward helping them and encourage them to get out of their parents basements.

6. Allow people to refinance their student debt. 4.66% to 7.21% is outrageous in an era of 0% interest. Make this the prime rate plus a certain amount of basis points and that is it. The government should not be making money from student loans but they shouldn't be forgiven either.