Monday, December 3, 2012

This Just In – Republicans Counter President Obama’s Proposal with a Plan to Lower Tax Rates on the Wealthiest Americans

Wow, What a Deal

The Republicans want to be taken seriously, at least they say they want to be taken seriously.  So they seriously propose a fiscal plan that would do the following.

  1. Cut spending on Medicare and Medicaid and raise the Medicare eligibility age to 67.  Spending on these programs would also be cut.

  1. Combined with the cuts in health care would be a reduction in future benefits for those on Social Security.

The plan also seeks $600 billion in health savings. One option, GOP aides said, would be raising the Medicare eligibility age from 65 to 67. It also includes $300 billion in savings from other mandatory programs, such as farm subsidies. And it would save $200 billion by applying a less generous measure of inflation government wide, including to Social Security benefits, which would rise more slowly as a result.

  1. And on top of all this is a cut in the tax rate of high income taxpayers below the 35% level that currently exists.

The proposal calls for $800 billion in higher tax collections through an overhaul of the tax code next year that would push the top rate below the current level of 35 percent and raise cash by wiping out loopholes and deductions.

It is very easy to advise the President on this one, JUST SAY NO!

Now, that wasn’t hard, was it.

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