Rubio Says Spending Cuts Must Accompany "Tax Overhaul" - Targets Social Security and Medicare ~ THE 5TH ESTATE ASIA

Thursday, March 05, 2015

Rubio Says Spending Cuts Must Accompany "Tax Overhaul" - Targets Social Security and Medicare

Thursday, March 05, 2015

Democrats and Republicans both gearing up to complete the looting of Social Security and Medicare funds, obviating the need to account for the STOLEN TAXPAYER MONEY while throwing MILLIONS of Seniors, the disabled, Veterans and children out onto the streets of America to starve and die from lack of medical care; Social Security has been THE MOST SUCCESSFUL retirement program in history and would be funded in perpetuity had it not been LOOTED by successive administrations and CONGRESS

REUTERS
By Andy Sullivan
03/05/2015

WASHINGTON -

U.S. Senator Marco Rubio, a likely Republican presidential candidate in 2016, on Wednesday unveiled a plan to reduce taxes for multinational corporations and parents, but it would widen federal budget deficits without cuts to popular health and retirement programs.

Rubio: the moronic dope that plans to STEAL

YOUR SOCIAL SECURITY AND MEDICARE

The Florida senator's tax plan, introduced with Utah Republican Senator Mike Lee, would close loopholes and simplify the U.S. tax code, introduce new deductions for parents. In an effort to spur economic growth, it would encourage businesses to spend on computers, tractors and other equipment rather than taking on debt.

It would also eliminate taxes on dividends and capital gains, but limit the popular deduction for mortgage interest payments.

Like other ambitious tax-reform efforts, the plan is not likely to become law this year but could be a significant part of Rubio's pitch to voters if he decides to run for president.

"I hope these ideas are embraced by everybody running for president, because I think our party needs to be the pro-family, pro-growth party," he told a news conference.

Social Security and Medicate are not "entitlements" as

politicians and the MSM keep repeating over and over

again; in fact they are paid for by PAYROLL DEDUCTIONS

THROUGHOUT OUR ENTIRE WORKING LIVES

While congressional scorekeepers have not analyzed Rubio's plan, outside experts at the nonpartisan Tax Policy Center have found that a similar one outlined by Rubio and Lee last year would reduce the government's tax haul.

Without additional spending cuts, it would widen budget deficits.

Rubio said Washington would have to reduce spending on popular retirement and health programs to cut the deficit.

"Our generation is going to have to accept that our Medicare and Social Security is going to be different from our parents," he said.

Obama, Congress vision for Senior citizens, the disabled, Veterans

The plan would lower the U.S. corporate tax rate from 35 percent to 25 percent, and allow businesses to write off capital expenses the year they are purchased, rather than stretching deductions over years or decades.

THIS could be the future for American Seniors if Obama

and Congress have their way

It would remove incentives that encourage businesses to take on debt, as well as tax breaks for a range of interests, from wind power to paper mills, that are regularly extended by Congress.

Multinational companies would no longer have to pay tax on income earned overseas that they want to return to their headquarters in the United States.

The plan would simplify personal tax rates to two levels: 15 percent for joint filers who earn up to $150,000 and 35 percent for income above that level.

Parents would get a bigger tax credit of up to $2,500 per child, up from the current $1,000 maximum.

Additional reporting by Susan Heavey.

This news bureau contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.