Mitt Romney's VP pick has brought The Path to Prosperity (i.e. the Ryan budget plan) back into the forefront in the United States. Thought it might be helpful to share the bullet items from it that were detailed in the Business Insider.
- Major cuts in government spending and reduced tax revenue.
- The plan does not balance the budget for at least 20 years.
- Redraw personal income taxes into two brackets--25 percent and 10 percent. The plan doesn't exactly specify yet what income would qualify you for the higher bracket.
- There would also be a massive drop in corporate taxes from 35 percent to 25 percent. And there would be hardly any tax deductions either.
- Big cuts to Medicare, Medicaid, and (implied) Social Security, along with the elimination of Obamacare.
- Existing Medicare users would keep their current plan.
- In the future, the plan offers a govt subsidy that Americans could use to buy private insurance. The idea is that competition among insurers would keep costs down.