by Bruce Webb
Well I doubt that will be the slogan on the signs at the next Teabag Rally but it is an accurate summation of Rep. Paul Ryan’s Roadmap to America’s Future tax reform plan. From the website (bolding mine):
This plan discards a needlessly complex and manipulative tax code, replacing it with a simplified mechanism that promotes work, saving, and investment.
Provides individual income tax payers a choice of how to pay their taxes – through existing law, or through a highly simplified code that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except the health care tax credit).
Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).
Eliminates the alternative minimum tax [AMT].
Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.
Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.
Some attention has been paid to the Roadmap’s plan to privatize Social Security and voucherize Medicare but little to this aspect. Under Ryan’s Roadmap billionaires don’t pay taxes. At all.
In our system there are multi-millionaires whose wealth came from a combination of wages and bonuses, film and sports stars come to mind, but the truly rich earned their billions from returns of capital, they own property and companies and make their money by selling them and pocketing the gains. Under the Ryan Roadmap every form of gain from capital is tax free.
They really do believe that Capitalists are Masters of the Universe, that they are so important they don’t even have to contribute to pay for the weapons systems used to protect their interests around the world or from terrorism here at home. Some of us have recognized that the end point of Republican tax policy added up to ‘No Tax for Billionaires’, it is just that no Republican dared compile that entire agenda and put it down on paper. Well here it is, it is the Roadmap to Plutocracy, that is the Republican vision of America’s Future, that ‘wage slave’ no longer be a metaphor, instead workers will pay for everything.
And you can bet that the Capitalists will still be claiming WORKERS are the Parasites.