Look at the facts…and decide for yourself. No strong-arming on my part.
Comparing Budget Plans
Here’s how budget proposals or campaign promises from President Barack Obama, former Governor Mitt Romney and Rep. Paul Ryan compare…
Individual income taxes…
OBAMA…Raise top marginal income tax rate (now 35%) to 39.6%, limit other deductions for upper-income taxpayers. Raise revenue.
ROMNEY…Reduce top marginal income tax rate to 28% and reduce other tax rates by 20%. Offset cost by limiting or ending deductions and credit.
RYAN…Create two new tax brackets, 10% and 25%.
OBAMA…Lower top rate (now 35%) to 28%, eliminate tax breaks, provide incentives for manufacturers. Revenue neutral.
ROMNEY…Lower top rate to 25%, shift to make it easier for U.S. firms to limit or avoid federal taxes on profits earned overseas. Revenue neutral.
RYAN…similar to Romney plan, would lower top rate to 25%, shift to make it easier for U.S. firms to limit or avoid federal taxes on overseas profits.
OBAMA…Keep 2010 tax health law. Change the way the government pays hospitals and other health providers. Raise premiums or copays for some beneficiaries, particularly upper income. Total savings of $248 billion over 10 years.
ROMNEY…Repeal the 2010 health-care law. Raise enrollment age to 67 (from 65 today). Offer choice of existing Medicare or new program that would provide vouchers to pay part or all of private-insurance premiums.
RYAN…Slowly raise eligibility age to 67 and give those younger than 55 the option of a privately run plan paid in part by the government or keeping a Medicare-type plan. No change for those 55 or older. Would cost $205 billion less than White-House’s budget over 10 years.
OBAMA…Proceed with 2010 law expanding Medicaid, rework the formula on how much federal government gives states the program. Save roughly $72 billion, combined with other changes.
ROMNEY…Turn Medicaid into a federal block grant program, giving control and flexibility to states. Unspecified savings.
RYAN…Turn Medicaid into a federal block grant program, giving control and flexibility to states. Saves $770 billion over 10 years, compared with White House plan, according to Ryan estimate.
OBAMA…About $487 billion in cuts over 10 years from Pentagon’s current plan. Appropriate $525 billion for it in fiscal 2013.
ROMNEY…Reverse planned Obama cuts, commit at least 4% of GDP toward defense, equivalent to $545 billion in 2013.
RYAN…Reverse the planned Obama cut, appropriate $554 billion for defense in fiscal 2013.
OBAMA…Reduce deficit (now 7.8% of gross domestic product) to 3.9% of GDP by 2014 and 3% of GDP by 2017.
ROMNEY…Balance the budget by 2010.
RYAN…Reduce deficit to 4% of GDP by 2014 and 0.9% of GDP in 2017.
(As reported in The Wall Street Journal, 8/13/12.)