The Republican chairman of the House Budget Committee said his party's budget proposal for 2012 would cut deficits by more than $4 trillion over the next decade, vowing to tackle costly entitlements like Medicare and Medicaid.Stand by for White House demagoguery in 3...2...1...
The proposal, set to be unveiled Tuesday, would serve as the Republicans' official response to President Obama's proposed $3.7 trillion budget for 2012. The White House claims its plan would cut deficits by $1.1 trillion over a decade.
But Ryan, R-Wis., in an interview with "Fox News Sunday," accused Obama of "punting" and said Republicans' plan would exceed the fiscal goals set by the president's fiscal commission -- which issued a report calling for $4 trillion in cuts. That report never made it out of committee.
"We can't keep kicking this can down the road," Ryan said. "The president has punted. We're not going to follow suit."
The GOP proposal coincides with the ongoing debate over the remainder of the fiscal 2011 budget. Both parties are trying to hammer out a half-year budget before the deadline for a partial government shutdown Friday. From there, they move immediately to the 2012 budget debate.
Ryan said Sunday that the GOP proposal would reform the tax code but focus on spending cuts and entitlement reform to achieve savings.
"We don't have a tax problem," Ryan said. "We have got to stop spending money we don't have."
Monday, April 04, 2011
Republicans Finally Start Talking About Some Serious Budget Cuts
This is what's got to be done:
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4 comments:
Well, it looks like the politicians are finally getting serious about reform of both tax code and entitlements. About time. Like Sinatra's old song, can't have one without the other. Here's my plan; comments anyone?
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.
Your suggestions sincerely requested. E-mail them to tbeebe6535@yahoo.com.
How much more prof would anyone need to realize that the Republican / Teabagger Party of Obstructio¬n is simply trying to dismantle everything that government does for the American people while enriching the rich and further bolstering the profits of the large corporatio¬ns. Spending for wars without purpose and without end is unlimited and not subject to reductions¬. They simply want or don't care if this nation lapses back into the economic pit from which we have started to dig out after the disasterou¬s 8-year Bush / Cheney destructio¬n.
So, Mr. Database, how are you going to pay for all this stuff that you want government to "give" to Americans? You going to give up all your profits (assuming there are any)?
Spouting lefty talking points doesn't fix anything. Sure hope you don't plan on collecting Social Security and Medicare someday.
The plan would replace the current open-ended system of Medicare payments with one in which the federal government would subsidize people to purchase insurance. In health insurance jargon, this is called “premium support.” Ryan would set up a system called “the Medicare exchange” in which beneficiaries would choose an insurance plan they preferred.
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