Rep. Paul Ryan's "Roadmap for America's Future" is a repetition of the rich get richer, the poor get poorer, and the middle class picks up the tab.
Ryan would allow individuals to invest one-third of their Social Security accounts in Wall Street. If the market tanks, Ryan wants the government to guarantee those funds. He thinks that individuals should own the investments as property, ignoring a Supreme Court ruling that Social Security funds are not an individual's property. Solution: The government must stop robbing the Social Security trust fund, pay back what it took, increase retirement age to 70 and increase the annual salary limit of $110,000 to $5 million.
Ryan would convert Medicare to a voucher system, paying private insurance companies. Bush's Medicare Advantage Program is a voucher type and cost the taxpayer 20 percent more than traditional Medicare.
Ryan would set the gross income tax rate at 10 percent for incomes under $100,000 and 25 percent for incomes over $100,000, eliminating all deductions. The estate tax and taxes on interest, capital gains and dividends would be eliminated. Corporate taxes would be reduced from 35 percent to 8.5 percent. Solution: Cancel the Bush tax cuts, with no exceptions. The current code is a nightmare. Form a panel made up of members of Congress, the administration, business leaders and economists to devise a new tax code.
Ryan's and President Barack Obama's plans are a start to the process of reducing the national debt.
Philip W. Wolfe