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News Economy Wednesday, Oct 10 2012

BRIDGE BRIEFING: Romney Supports The Ryan Plan

Oct 10, 2012

Romney Endorsed Ryan’s 2013 Budget Plan

March 2012: Romney Endorsed Rep. Paul Ryan’s 2013 Budget Plan. According to the Los Angeles Times, “Paul Ryan’s new budget plan drew praise from GOP presidential front-runner Mitt Romney and an attack from President Obama’s reelection campaign Tuesday. The House Republicans’ fiscal blueprint for 2013 would slash federal spending, lower tax rates and substantially overhaul Medicare in an effort to free the nation ‘from the crushing burden of debt,’ Ryan wrote in a document outlining the plan. In a statement from his campaign, Romney lauded the House Budget Committee chairman ‘for taking a bold step toward putting our nation back on the track to fiscal sanity.’ He said he and Ryan were of the same mind on cutting taxes and overhauling the tax code. ‘As president, I look forward to working with Chairman Ryan and his House Republican colleagues to pass bold reforms that restore America’s promise,’ he said.” [Los Angeles Times, 3/20/12]

Romney Aide Eric Fehrnstrom Said Romney Supported The Ryan Plan. According to Talking Points Memo, “Eric Fehrnstrom, a top campaign adviser for Mitt Romney, tied the Republican presidential nominee to the GOP’s budget plan by Rep. Paul Ryan (R-WI). […] ‘…he’s for the Ryan plan.  He believes it goes in the right direction.  The governor has also put forward a plan to reduce spending by $500 billion by the year 2016.  In fact, he’s put details on the table about how exactly he would achieve that.  So to say he doesn’t have a plan to – a plan to restrain government spending is just not true.’” [Talking Points Memo, 6/3/12]

Romney Endorsed “What Is Essentially” Ryan’s Plan For Deficit Reduction. According to Politico, “Romney also endorsed what is essentially the Ryan plan for fiscal deficit reduction, bring budget into balance in eight years. Said loophole and special tax deductions would be eliminated to offset cost of tax rate reductions, and include ‘some things you’re not going to like.’ Will close some Federal Government departments. Romney spoke with authority and confidence, and appeared relaxed.” [Politico, 5/24/12]

Romney Praised The Ryan Plan

Romney’s Jobs Plan Stated That Congressman Paul Ryan Plan On Medicare Made “Important Strides In The Right Direction.” According to Believe in America: Mitt Romney’s Plan For Jobs And Economic Growth, “Similarly, with respect to Medicare, the plan put forward by Congressman Paul Ryan makes important strides in the right direction by keeping the system solvent and introducing market-based dynamics. As president, Romney’s own plan will differ, but it will share those objectives.” [Believe in America: Mitt Romney’s Plan for Jobs and Economic Growth, Pg. 142, 9/6/11]

Romney Said Ryan’s Medicare Proposal “Almost Precisely” Mirrored Romney’s Ideas. According to CNN, “On his website, Romney says Ryan’s Medicare proposal ‘almost precisely mirrors Mitt’s ideas,’ which include repackaging Medicare spending ‘as a fixed-amount benefit to each senior that he or she can use to purchase an insurance plan.’ At a press conference in Miami Monday, Romney was asked to address the similarities and differences with Ryan on Medicare. ‘We haven’t gone through piece by piece and said ‘oh, here’s a place where there’s a difference,’ Romney said. ‘I can’t imagine any two people even in the same party who have exactly the same positions on all issues, but my plan for Medicare is very similar to his plan for Medicare.’” [CNN, 8/14/12]

Romney Said He Was On “The Same Page” As Paul Ryan On Ryan’s Budget Plan. According to the National Review, “Mitt Romney conferred with GOP lawmakers on Capitol Hill on Thursday (Mar. 22), including Representative Paul Ryan, the House Budget Committee chairman. In an interview with National Review Online, Romney praised Ryan’s budget, and hinted that if he wins the nomination, he will work closely with the Wisconsin legislator to craft a unified fiscal agenda with congressional Republicans. ‘We’re very much inclined in the same direction,’ Romney says. ‘We spoke together about my plans on Medicare, for instance, and ultimately the Wyden-Ryan bill is very similar, if not identical, to what I proposed some time ago. We all have ideas about what should be done with Medicare, Medicaid, Social Security — and we’re on the same page on those issues… We want to solve our long-term balance-sheet problem, and by that I mean Medicare and Social Security,’ Romney says. ‘We also want to solve our deficit by getting us to a balanced budget through two things — one is spending reductions and program eliminations. And the second part of that is a pro-growth strategy, associated with tax policies that encourage economic growth.’” [National Review, 3/23/12]

Romney Would Pay Almost No Taxes Under The Ryan Plan

Under Paul Ryan’s Plan, Romney Would Have Only Paid .082 Percent Of His Income In Taxes. According to The Atlantic, “Under Paul Ryan’s plan, Mitt Romney wouldn’t pay any taxes for the next ten years — or any of the years after that. Now, do I know that that’s true. Yes, I’m certain. Well, maybe not quite nothing. In 2010 — the only year we have seen a full return from him — Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney’s income came from capital gains, interest, and dividends. And Ryan wants to eliminate all taxes on capital gains, interest and dividends. Almost. Romney did earn $593,996 in author and speaking fees in 2010 that would still be taxed under the Ryan plan. Just not much. Ryan would cut the top marginal tax rate from 35 to 25 percent and get rid of the Alternative Minimum Tax — saving Romney another $292,389 or so on his 2010 tax bill. Now, Romney would still owe self-employment taxes on his author and speaking fees, but that only amounts to $29,151. Add it all up, and Romney would have paid $177,650 out of a taxable income of $21,661,344, for a cool effective rate of 0.82 percent.” [The Atlantic, 8/11/12]

Romney Supported Paul Ryan’s Medicare Plan

Romney Said Of The Ryan Medicare Plan, “Paul Ryan And My Plan For Medicare I Think Is The Same — If Not Identical It’s Probably Close To Identical.” According to Politico, “Mitt Romney, in an interview on WBAY in Wisconsin last night, seemed to go a bit further toward embracing the Paul Ryan plan as it relates to Medicare, per this clip above. From the text: ‘SMITH: Your senior campaign adviser said Sunday if the Ryan budget would have come to your desk you would have signed it. In a January debate you called it a proposal that was absolutely right on. So I guess, why now are you distancing yourself from at least the Medicare portion of the Ryan budget? ROMNEY: Actually Paul Ryan and my plan for Medicare I think is the same — if not identical it’s probably close to identical.’” [Politico, 08/16/12]

Romney Would Sign Paul Ryan’s Plan To Restructure Medicare. According to ABC News, “On health care, Romney responded ‘yes’ when asked if he would sign the plan written by Rep. Paul Ryan that would restructure Medicare if it reached his desk as President, but quickly added that he would be offering his own plan. ‘His plan is not the plan I’ll put forward, I have my own plan,’ said Romney. ‘I’ll be putting that out before I debate President Obama.’” [ABC News, 6/2/11 ]

Romney Said Ryan’s Plan And Were “On The Same Page” And Shared The Same Objectives. According to Boston Globe, “Romney praised Ryan’s plan today, but declined to get into specifics of what he agrees with and what he doesn’t. ‘The Ryan plan and my plan are on the same page, we have the same objectives,’ Romney said. ‘My plan is different than his, it’s not identical. But I applaud the fact that he put forward a plan.’” [Boston Globe, 5/21/11]

Romney’s Economic Plan Said That As President, Romney’s Medicare Plan Would Have The Same Objectives As Paul Ryan’s Plan. According to Think Progress, Romney’s economic plan said “Similarly, with respect to Medicare, the plan put forward by Congressman Paul Ryan makes important strides in the right direction by keeping the system solvent and introducing market-based dynamics. As president, Romney’s own plan will differ, but it will share those objectives.” [Think Progress, 9/6/11]

Romney Praised Ryan’s Plan That Transforming Medicare Into A Voucher System. According to USA Today, “Romney didn’t offer a fix for Medicare, the government health care program for seniors that is approaching a financial crisis, but he praised the controversial plan devised by House Budget Chairman Paul Ryan. The Wisconsin Republican proposes transforming Medicare into, essentially, a voucher system that would offer subsidies to buy insurance. ‘My plan … is not going to be identical to the Ryan plan, but it’s going to share (his) objectives’ of keeping both Medicare and the country ‘fiscally solvent,’ Romney said.” [USA Today, 5/13/11]

Published: Oct 10, 2012

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