For Immediate Release
Contact: Kevin Rogers
919.862.4009 / [email protected]
The Romney-Ryan Plan: Tax Giveaways For Millionaires And End Medicare As We Know It
RALEIGH -- When Mitt Romney chose Paul Ryan to be his running mate, Romney was choosing the author of the “Ryan Plan” and the leading voice for right-wing policy ideas in Congress. Mitt Romney has also wrapped his arms around the Ryan Plan, endorsing it on the campaign trail. [Politico, 3/20/12]
Ryan is in Raleigh today at a high-dollar campaign fundraiser seeking campaign donations of as much as $25,000 per person. It’s no surprise that anyone who can afford to donate $25,000 will be a big winner if the Ryan Plan ever becomes law.
- Ryan’s plan would reduce the top income tax bracket from 39.6% to 25%, well below the Bush tax cuts level of 35%. In addition, Ryan would reduce the corporate income tax from 35% to 25% and eliminate the Alternative Minimum Tax (AMT), which ensures that high-income earners pay at least a minimum level in taxes. [Center for Budget and Policy Priorities, 3/22/12]
- Under the Ryan Plan, millionaires would get on average a $394,000 tax cut. [Center for Budget and Policy Priorities, 3/27/12]
- If the Ryan budget were in place in 2010—the only year Mitt Romney has released a complete tax return—Romney would have had an effective tax rate of .82%. [The Atlantic, 8/11/12]
“We need a President who is accountable to seniors and the middle class, not someone who is more interested in tax giveaways to millionaires,” said Pat McCoy, Executive Director at Action NC.
In addition to tax giveaways for millionaires, the Ryan Plan would hurt the middle class and seniors by ending Medicare as we know it. Ryan’s plan would eliminate guaranteed benefits and instead turn Medicare into a voucher program, while seniors could see their out-of-pocket expenses doubled.
- Wall Street Journal: Ryan Plan Would “Essentially End Medicare.” According to Naftali Bendavid at the Wall Street Journal, “The plan would essentially end Medicare, which now pays most of the health-care bills for 48 million elderly and disabled Americans, as a program that directly pays those bills.” [Wall Street Journal, 4/4/11]
- Starting in 2022, Seniors Would No Longer Receive A Guaranteed Benefit. According to Health and Social Work, “A central component of the Ryan bill is its transformation of Medicare from a defined benefit plan to essentially a defined contribution plan. Beginning in 2022, individuals turning 65 would no longer receive Medicare’s traditional guaranteed benefit. Instead, the government would provide a sum of money ($8,000), or a ‘premium support’ which would be applied toward the purchase of private health insurance.” [Kaiser Family Foundation Program on Medicare Policy, 2011]
- The Ryan Plan Could Double Out-Of-Pocket Costs For Seniors. “The Congressional Budget Office found that part of the plan, which would take effect in 2022, could nearly double out-of-pocket costs for seniors.” [Orlando Sun-Sentinel, 4/16/11]
WHO: Action NC, MoveOn.org, NC State AFL-CIO and Progress NC Action
WHAT: Rally against the Romney-Ryan Plan
WHERE: Outside the Paul Ryan Fundraiser
1022 Marlowe Rd.