News & Politics  
comments_image Comments

GOP Unveils Radical New Budget Gutting Medicare, Medicaid -- Taking from the Poor, Giving to the Rich

From start to finish, this budget is a smoke screen obscuring a dangerous far-right agenda.

Continued from previous page

 
 
Share
 
 
 

Second, my Institute for Policy Studies colleague Chuck Collins  articulates our argument for four revenue-raisers that would bring in a whopping $400 billion each year: 1) impose a small tax on speculative financial transactions that do little to strengthen the real economy 2) reduce corporate tax dodging by closing overseas tax havens and requiring companies to pay U.S. taxes on the profits they actually earn in this country 3) establish higher tax brackets for households with annual incomes of $1 million or more, and 4) Institute a progressive estate tax on fortunes over $5 million, with higher rates on billionaire estates.

Finally, cut the bloated military budget. Obama's bipartisan Debt Commission called for cutting the Pentagon's spending by at least $100 billion over the next decade. We need to cut more than that but we shouldn't accept less.

The GOP is right about one thing: We should be serious about long-term debt reduction. Ryan's dangerous and seriously flawed scheme, however, is nothing more than an ideological ploy to shrink government programs that help poor and middle-class Americans while rewarding the already wealthy.

Karen Dolan is a fellow at the Institute for Policy Studies in Washington D.C. and a contributor to Foreign Policy In Focus . She directs the Institute's Cities for Progress project.

 
See more stories tagged with: