The House Republican budget, introduced April 1 by Rep. Paul Ryan (R-WI), calls for a massive transfer of resources from the broad majority of Americans to the nation’s wealthiest individuals and corporations.[1] It provides the richest households with a new round of very costly tax reductions by extending the Bush high-income tax cuts and adding another set of tax cuts that are particularly large at the top of the income scale (as well as a cut in corporate taxes). To help pay for these tax cuts, the proposal eliminates Medicare and Medicaid in their current forms, imposes large reductions on other domestic programs, and apparently repeals the Making Work Pay tax credit.
In addition, by cutting spending starting in the fiscal year that begins in October — when the economy almost certainly will still be weak — the House Republican budget would likely prolong and deepen the recession, already the worst since the Great Depression
Monday, April 6, 2009
House Republican Budget
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