Today, Paul Ryan announced his tax reform proposal, which drastically lowers the corporate tax rate and further tilts the balance of our tax system in favor of the wealthy. His Democratic challenger, Cathy Myers, responded by calling the plan “another corporate handout.”
“This proposal is bad for Wisconsin families. It raises tax rates on people who can least afford it to lower taxes for big business. This is an unprecedented corporate handout by Paul Ryan to appease his billionaire donors at the expense of everyone else,” Myers said.
Ryan’s plan suggests a tax increase from 10% to 12% for the poorest Americans, but cuts the corporate tax rate on the largest companies in America from 35% to 20%. The corporate tax cut is projected to result in a net tax reduction of $2 trillion, which is expected to be funded by drastic healthcare cuts. Congress recently-approved a budget resolution that includes $1.8 trillion worth of Medicare and Medicaid cuts that will raise medical costs for average Americans.
“Not only would Medicare and Medicaid be slashed due to Ryan’s plan, but Americans burdened by exorbitant medical costs will no longer receive a tax deduction for medical expenses,” Myers explained.
Paul Ryan’s plan also cuts other deductions that provide relief for the middle class. His plan would eliminate the student loan interest deduction, state income tax deduction, and mortgage deduction on second homes, which the tourism industry in Wisconsin’s 1st District relies on.
Myers is a two-term member of the Janesville School Board. She has proudly served her constituents, including Paul Ryan, since 2013.