Congressional Republicans, led by Paul Ryan, approved a $3.6 trillion budget, which the Democrats (thank God) voted against. This budget reduces taxes on the wealthy, while slashing programs for the elderly and the lower and middle classes.
During the first year, more than 1 million low-income students would lose college Pell grants, and over the next decade, Pell grants would be reduced by $200 billion, while interest rates double for student loans. The plan clearly supports the rich, while college for the rest becomes unattainable.
It proposes two tax brackets, 10 percent and 25 percent. The tax rate for millionaires would go from 35 percent to 25 percent. According to the Tax Policy Center, those making $1 million and more would see an average tax cut of $265,000, increasing their after-tax income by 12.5 percent; middle-class taxable income would increase a nominal amount, estimated at less than 3 percent. Even more alarming, the proposed budget adds $4.6 trillion to the deficit over the next decade.
It changes Medicare for future seniors, who would be given vouchers to purchase private health-insurance plans. Federal spending would be capped, shifting costs to seniors as health care costs rise. Seniors would have to spend, annually, an additional $5,900 out of pocket for insurance.
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The Ryan plan is aimed at benefiting the rich while cutting essential programs for those who need it most. If you are in the lower and middle class, voting Republican is not in your best interest.
Sun City Hilton Head