The Romney-Ryan budget is not very full of specifics. I have read the entire document and all the pretty words break down to one statement. Ensure the wealthy pays a much smaller percentage of their income in taxes than the middle class. The implication is that the wealthy are our job creators, a tenet that was summarily dismissed by entrepreneur and millionaire Nick Hanauer. The middle class with our purchase of products and services from companies owned by the wealthy and not so wealthy are in fact the job creators.
Most of the wealthy’s income come from investments. That income is called capital gains. It is income that is accumulated when one is sleeping, taking a shower, sipping tea at the pool, or simply doing nothing. It is passive income. That income is taxed at a lower rate than the income of the person that wakes up every morning and goes to work. Moreover there are no social security taxes on that income.
Many on the Right have misleadingly putting out statements that only 52 percent or so of Americans pay taxes giving the impression that 48 percent of Americans are just free loaders. The fact is that all middle class employees pay at least 7.5% in Social Security and Medicare taxes while those earning income solely from capital gains and certain financial instrument pay none. Everyone pays gasoline taxes and a myriad of other taxes that as a percentage of their income is larger than most millionaires. It is important that we do not allow a misleading narrative to pit half of the middle class against the other half and the poor.
The tax system is designed to ensure that the wealthy not only pays little taxes but mathematically it ensures an ever increasing income/wealth disparity. While it is great for the ego of the wealthy being, it is a detriment to society since as wealth /income is concentrated in the hands of a few an economy suffers as the poor and middle class are “pilfered out” of the economy.
The analysis of the effect of the Romney-Ryan Medicare plan below is just one aspect of what the Romney-Ryan budget has in store. Read it in detail. More importantly read Ryan’s Path To Prosperity. It should be renamed “The Path of Expanded Prosperity of the Wealthy by the Systematic Pilfering of the Middle Class”.
You must be an informed voter. The mainstream media continues to fail us. They continue to focus on issues that have little material effect on the average American or they simply allow political narratives to mislead us.
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Romney-Ryan Medicare Plan Would Cost 29-Year-Olds $331,200: Report
The Huffington Post | By Bonnie Kavoussi Posted: 08/27/2012 12:58 pm Updated: 08/27/2012 9:03 pm
Mitt Romney and Paul Ryan’s health care plan would raise Americans’ health care costs during retirement, according to an analysis by the Center for American Progress.
If Mitt Romney and Paul Ryan have their way, then Americans of all ages may be spending more on health care during their retirement.
If Romney becomes president and repeals the Affordable Care Act as promised, then retirement would cost $11,100 more for the average 65-year-old and $18,600 more for the average 55-year-old because of higher Medicare premiums and drug costs, according to a report from Harvard economist David Cutler, an Obamacare architect, and the Center for American Progress.
What’s more, seniors on Medicare who depend on Medicaid would need to pay more than $2,500 more per year because of planned Medicaid cuts.
Romney’s plan would cost younger Americans even more, since Romney and Ryan want to turn Medicare into a voucher system for Americans under 55 for when they qualify for Medicare. The report estimates that 48-year-olds would have to pay $124,600 more for Medicare during retirement under Romney’s plan, 39-year-olds would have to pay $216,600 more during retirement, and 29-year-olds would have to pay $331,200 more during retirement in total. That’s because the vouchers would not keep up with rising health care costs. For those 29-year-olds, the extra costs would consume 62 percent of their lifetime Social Security benefits.
Copyright 2012 Egberto Willies