On ABC’s This Week with George Stephanopoulos yesterday, Budget Chairman Paul Ryan falsely claimed that his budget would bring in the poor, create upward mobility and give opportunity to everybody.
In fact, Ryan’s budget would hurt the poor – and the middle class – by ending the Medicare guarantee and increasing costs for seniors while helping special interests and the ultra wealthy by giving them a tax break.
Congressman Paul Ryan’s Budget Proposals Would End Medicare Guarantee and Increase Costs for Seniors While Giving Millionaires and Corporations a Tax Break. In 2011, the Wall Street Journal reported that Ryan’s budget proposal “would essentially end Medicare” and the CBO estimated that the 2011 budget would cost Medicare beneficiaries $6,400 more annually. A CBPP of Ryan’s 2013 budget proposal found: “It would cut the corporate tax rate to 25 percent (from 35 percent) and greatly cut taxes on corporations’ foreign profits […]filers with incomes of $1 million or more would lose tax breaks totaling about $90,000 on average- still leaving them with an average net tax cut of about $245,000.” [Wall Street Journal, 4/04/11; USA Today,10/03/11; Center on Budget and Policy Priorities, 3/17/13]