How exactly does the Ryan Medicare plan hurt the poor and reward the rich?
His plan wants to give even greater tax cuts to the wealthy by up to 10%, in addition to that, cut the corporate tax rate significantly. It doesn't take rocket science to see beanie weanies in many people's future to buy health insurance in addition to the Medicare.
From Ryan's web page with his Plan:
- Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).
- Eliminates the alternative minimum tax [AMT].
- Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.
- Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.
So based on 2011 tax rates, if you earn over $139K, your taxes would go down 3%, over 212.3K would go down 8%, over $379K, a whopping 10%.
It wasn't enough that we allowed the Bush tax cuts to stand, he wants them even lower, not a little, much lower.