GOP budget plan would revamp Medicare and Medicaid to slash deficit
The 2012 budget strategy outlined by Republican Rep. Paul Ryan promises more than $4 trillion in savings over the next 10 years and takes a dramatically different approach from what President Obama has proposed.
By Kathleen Hennessey, Washington Bureau
LA Times
April 4, 2011
Reporting from Washington
House Republicans' 2012 federal budget plan will propose significant changes to Medicare, shift control of Medicaid to the states and aim to chop more than $4 trillion from the deficit over the next decade, House Budget Committee Chairman Paul Ryan said Sunday.
Ryan's broad overview of the GOP plan, which is slated to be officially unveiled Tuesday, included a combination of entitlement reforms and spending cuts that amount to a dramatically different approach to deficit and debt reduction than that advocated by President Obama.
Obama's plan, proposed in February, aimed to shave $1.1 trillion from the deficit over 10 years through a combination of increased revenues and targeted budget cuts. He did not suggest structural changes to the nation's social safety net programs — Social Security, Medicare and Medicaid.
(More here.)
By Kathleen Hennessey, Washington Bureau
LA Times
April 4, 2011
Reporting from Washington
House Republicans' 2012 federal budget plan will propose significant changes to Medicare, shift control of Medicaid to the states and aim to chop more than $4 trillion from the deficit over the next decade, House Budget Committee Chairman Paul Ryan said Sunday.
Ryan's broad overview of the GOP plan, which is slated to be officially unveiled Tuesday, included a combination of entitlement reforms and spending cuts that amount to a dramatically different approach to deficit and debt reduction than that advocated by President Obama.
Obama's plan, proposed in February, aimed to shave $1.1 trillion from the deficit over 10 years through a combination of increased revenues and targeted budget cuts. He did not suggest structural changes to the nation's social safety net programs — Social Security, Medicare and Medicaid.
(More here.)
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3 Comments:
Republican¬s are quite clever. The Republican¬s divide the American people on social issues so that the American workers do not speak with one voice. We must come together on these economic issues and let our Voice be heard. That is the greatest fear of those who would balance the budget on the backs of the American people - that the American workers speak with one voice. Republican¬s know if they repeat something often enough, people will believe it is true. The huge budget deficit is because corporatio¬ns and the wealthy are not paying their share of taxes. Bring back the Excess Profit Tax and see how quickly our budget deficit disappears¬.
Total tax AND entitlement reform are needed, like it or not. What problem do you have with this?
1. All persons residing in the U.S. shall come together in households for the purpose of reporting all income from any source, each item to be identified by payer's and payee's tax number, and for receipt of federal and state benefits. Members of a household need not be related, need not reside together, and a household may consist of as few as one person.
2. Each year congress shall set by legislation a "minimum wage" and a "tax rate".
3. The following income shall not be subject to taxation:
• An amount equal to a year's earnings at the minimum wage rate, for each adult (age 20-65) member of the household, decreasing 10% per year to 50% at age 15, and increasing 10% per year to 150% at age 70.
• All payments for what is classified as necessary health care for all members of the household including medical care, any pharmaceuticals prescribed by a recognized health care professional, vision and hearing aids, and membership fees for health-enhancing entities such as gyms or other exercise facilities. Health care insurance premiums may be deducted but not health care expense paid for by such insurance.
• All educational expenses including day care for young children or legally incompetent persons, that portion of state and local taxes identified as spent on education, that portion of parochial school tuition, fees and other expenses identified as going for non-sectarian education, tuition, fees and educational materials for private school education at any level, and a per-diem allowance for students traveling more than 50 miles from primary residence for education.
• All income saved into an identified account from which investments may be made. All withdrawals from this account for the benefit of any member of the household shall be reported as income to that member.
4. The "tax rate" shall be applied to any income over and above the deductions listed above, regardless of amount.
5. At the request, by legislation duly enacted by any municipality having greater than 100,000 inhabitants or any state, a surtax may be imposed on citizens of that municipality or state which shall be applied in a manner exactly as applied for the Federal tax.
6. For households whose deductions exceed total income, the Federal Government shall make payment equal to the tax rate multiplied by the shortfall in income, as shall municipalities and states.
7. There shall be no federal tax on corporations or other business entities.
8. The Office of Management and Budget shall compute revenues to be expected using the newly set tax rate and minimum wage, applied to the previous year's reported incomes. No expenses in excess of that amount may be authorized or made by the federal government without approval by 75% of each house of Congress.
I have read some of the comments and feel this, the GOP and big business interests want us all to pay the taxes, fight the wars, work for nothing and leave them alone so that can run the country into the ground and live the American Dream. Congressman with signs" pays my way and I will screw the people in every way possible"
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