Obama Slams Ryan’s Tax Proposals
President Barack Obama criticized Representative Paul D. Ryan’s tax proposals Saturday. The president said that the Republican vice presidential candidate’s budget plan would remove all federal taxes for wealthy investors such as Mitt Romney.
President Obama accused his opponents of not telling the truth with regards to their policies regarding Medicare, which is the government health plan for the disabled and seniors. Obama added that Ryan proposed a budget plan that would allow Governor Romney to pay less than 1 percent in taxes each year. Ryan expects middle-class families to pick up the tab.
The president said that middle-class families with children would have their taxes go up by an average of $2,000 under the plans proposed by Romney and Ryan. The 2010 budget plan made by Ryan would have eliminated all taxes on interest, dividends, and capital gains. These were the sources of Romney’s income. During that time, Ryan was a ranking member of the House Budget Committee.
Ryan made changes to the plan after Romney opposed it during a GOP debate last January in Tampa, Florida. Romney noted that he would have paid no taxes for the previous two years if the tax plan was approved. Romney supports removing taxes on interest, capital gains and dividends for those who earn less than $200,000 per year. He also supports maintaining the current rates for higher-income earners.
President Obama focused on Ryan’s budget proposals since Romney announced that Ryan is his running mate. Most of the attacks made by Obama campaign were connected with Ryan’s proposals to change Medicare. Obama criticized Ryan for his plan of partially privatizing the system by giving out vouchers.
Obama said that to save money in Medicare, the government must crack down on fraud and insurance company subsidies. Ryan’s plan was to make seniors pay more so that millionaires can enjoy more tax cuts.