Paul Ryan on The Economy

Last Updated : Aug 29, 2012

Summary

To Congressman Ryan, the economy is strongest when taxation is lowest and the burden of the government is as low as possible.  He opposes short term stimulus policies and the use of the tax code to allow government to pick winners and losers. His plan - the Path to Prosperity - asserts that entitlement reform and tax reform to reduce regulation and the risk of uncertainty for the future.

American Jobs Creation Act

In 2004, Congressman Ryan proposed the American Jobs Creation Act. This legislation would exempt several farms and businesses from the AMT, permanently reduce the corporate tax rates from 35% to 32%, remove tariffs on US items sold overseas, and end the double taxation on money earned overseas.

Stimulus

In 2008, Congressman Ryan voted in favor of the Bush stimulus. Despite this vote, he argued against the idea that it would provide a boost to the economy, stating that the bill is more about good politics for both parties, than it is about sound economic policy. He continued by stating that the idea that sending $100 billion back to people to spend at the mall will turn around a $14 trillion economy is fallacy and that Congress shouldn’t oversell the bill. Congressman Ryan was similarly opposed to the 2009 stimulus and voted against it.

Voting Record

While in office, Congressman Ryan voted in favor of the Financial Services Modernization Act of 1999. This legislation removed the wall between investment firms and banks. He also voted in favor of the Sarbanes-Oxley legislation in 2002. He also voted in favor of the TARP legislation and against the Wall Street reform packages in 2009.

 

American Jobs Creation Act

In June of 2004, Congressman Ryan released a press statement noting his support for the American Jobs Creation Act and highlighting key provisions of the legislation.

 

The Bush Stimulus

When the Bush stimulus passed the House, Congress Ryan released a press statement noting the contents of the legislation and that he voted in favor of the legislaiton. However, he also notes that while the legislaion is good politics, it won't do much to stimulate the economy. He released a similar statement when the legislation passed the House again in an amended version. He noted then that while allowing more Americans to keep their money was always a good policy, the tax cuts would not provide lasting strength to the economy.

 

 

Campaign Website Statements

 

Voting Record

Small Business Jobs Tax Relief Act of 2010

In June of 2010 the House voted to pass the Small Business Jobs Tax Relief Act of 2010. The act passed 247-170. Paul Ryan voted against the Small Business Jobs Tax Relief Act of 2010

Paul Ryan voted against the Small Business Jobs Tax Relief Act of 2010

Wall Street Reform and Consumer Protection Act of 2009

In June of 2010, the House voted on the Wall Street Reform and Consumer Protection Act of 2009. The act failed to pass in a . Paul Ryan voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

Paul Ryan voted in favor of the Wall Street Reform and Consumer Protection Act of 2009.

TARP Bonuses

In March of 2010, the House voted on legislation to impose an additional tax on bonuses received from certain TARP recipients, and for other purposes. The legislation passed the House 276-145. Paul Ryan voted against the legislation to tax bonuses to TARP recepients.

Paul Ryan voted against the legislation to tax bonuses to TARP recepients.

Small Business and Infrastructure Jobs Tax Act of 2010

In March of 2010 the House voted to pass the Small Business and Infrastructure Jobs Tax Act of 2010 246-178. Paul Ryan voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Paul Ryan voted against passing the Small Business and Infrastructure Jobs Tax Act of 2010.

Wall Street Reform

In late 2009, the House passed the Wall Street Reform and Consumer Protection Act of 2009. The legislation consolidated many financial regulatory agencies, increased transparency in the derivatives market, regulation of credit rating agencies, and a "resolution regime" to resolve insolvent banks. Paul Ryan voted against the Wall Street Reform Legislation.

Paul Ryan voted against the Wall Street Reform Legislation.

The Stimulus

After the Senate passed the Stimulus package, the House voted on a passage of a conference bill to join the House and Senate versions. Paul Ryan voted against the unified version of the Stimulus bill.

Paul Ryan voted against the unified version of the Stimulus bill.

The Stimulus

The Stimulus bill (The American Recovery and Reinvestment Act of 2009) passed through the House on January 28, just days after President Obama\'s inauguration. The bill got no support from Republicans and 11 Democrats voted against it as well. Paul Ryan voted against the Stimulus when it passed the House.

Paul Ryan voted against the Stimulus when it passed the House.

Helping Families Save Their Homes Act of 2009

The Helping Families Save Their Homes Act of 2009 was a program designed to assist those who may be able to remain in their home with a modest amount of government assistance. The bill got wide bi-partisan support in the House and passed 367-54. Paul Ryan cast a "No Vote"

Auto Industry Financing and Restructuring Act

In December of 2008 the US House voted to pass the Auto Industry Financing and Restructuring Act. The act provided a loan to GM through TARP funds and set up a plan to allow the company to receive more if they demonstrated a path back to viability. The act failed to pass the Senate, but was used as a guideline for the GM bailout for the Obama administration. Paul Ryan voted in favor of the Auto Industry Financing and Restructuring Act.

Paul Ryan voted in favor of the Auto Industry Financing and Restructuring Act.

Troubled Asset Relief Program (TARP)

The TARP program was designed to prevent the failure of large banks by purchasing their "troubled assets" and allowing them to move them off their records as liabilities. The vote on the legislation passed 263-171 Paul Ryan voted in favor of the TARP program.

Paul Ryan voted in favor of the TARP program.

The Bush Stimulus

In early 2008, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 was passed in an attempt to stimulate the economy. Also known as the Bush Stimulus, the act consisted largely of checks sent to individuals. The bill received wide bipartisan support and passed the House 385-35. Paul Ryan voted in favor of the Bush Stimulus.

Paul Ryan voted in favor of the Bush Stimulus.

Bankruptcy Reform

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 completely redefined bankruptcy in the United States. The bill made it much more for people to walk away from unsecured debt, such as credit cards, and permitted the court to award some compensation to creditors in the event that a bankruptcy was awarded. The bill got moderate bipartisan support and passed 302-126. Paul Ryan voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Paul Ryan voted in favor of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

American Jobs Creation Act

The American Jobs Creation Act was a Republican plan that was signed into law in the summer of 2004. The legislation ending some taxes in the agriculture industry, reduced corporate tax rates from 35% to 32%, reduced taxation on overseas income, and provisions to help companies invest in equipment. It passed the House 251-178. Paul Ryan voted in favor of the American Jobs Act.

Paul Ryan voted in favor of the American Jobs Act.

Sarbanes-Oxley

In response to Enron and other accounting scandals, Congress passed a bill which imposed a number of book-keeping and accounting regulations on several industries. The Sarbanes-Oxley Act of 2002 The bill received moderate bi-partisan support in the House and passed in a 334-90 vote. Paul Ryan voted in favor of Sarbanes-Oxley.

Paul Ryan voted in favor of Sarbanes-Oxley.

Financial Services Modernization Act of 1999

Also known as GRAMM-LEACH-BLILEY ACT, this legislation ended the Glass-Stegall rule that separated banking institutions from investment institutions. Paul Ryan voted in favor of the Financial Services Modernization Act of 1999.

Paul Ryan voted in favor of the Financial Services Modernization Act of 1999.

 

Sponsored and Cosponsored Legislation

Session-111; Bill Number-H R 5141; Small Business Paperwork Mandate Elimination Act - Cosponsor

Amends the Internal Revenue Code to repeal a provision (added by the Patient Protection and Affordable Care Act) that extends to corporations that are not tax-exempt the requirement to report payments of $600 or more.

User Comments