The proposal by House Budget Committee Chair Paul Ryan is outrageous, not supported by any facts or experience, and nasty and mean to boot. If you don't believe me, read what economist Paul Krugman has to say in Friday's Times.
Although Krugman pretty much says it all, I'd like to ask anyone if there is one shred of proof or empirical evidence that cutting taxes "pays for itself" in increased tax revenue. This is exactly what the senior President Bush correctly referred to as "voodoo economics" (along with the "trickle down" theory). I suspect that it is all part of the Republican Big Lie campaign: say something enough times and people will believe it.