The Republican presidential candidates have released their various plan papers on a variety of issues over the last few months. However, perhaps none has been met with more skepticism by experts than Marco Rubio’s tax cut plan. Not only can Rubio not keep track of a credit card, he’s obviously got a huge issue with simple mathematical functions, as well.
Just skimming the surface, there are some glaring … and I mean GLARING .. issues with Rubionomics. For starters, 34 percent of the benefits would go to the highest 1 percent of Americans (who by the way earn approximately 21 percent of all income). While there are some tax cuts for Americans of more modest means, the fat cats would skim off a lot more cream with which to line their pockets.
Rubio’s plan stands to reduce federal revenue by $11.8 trillion over the next decade. When compared to the Bush tax cut plan (which totaled $3.4 trillion over a decade), Rubio’s slash-and-burn fiasco would cost the government three times more. When overlaying his tax plan on the current federal budget, there are some pretty stark facts to ponder:
- Over the next 10 years, approximately $41.6 trillion is due to be collected as revenue
- Rubio’s plan stands to reduce that revenue amount to approximately $30 trillion
- Rubio’s plan wants to INCREASE the defense budget
- He also promises not to cut benefits for current or near-retirees
According to the Center on Budget and Policy Priorities, current expenditures for defense, Medicare, Social Security and mandatory interest payments on national debt total $30.7 trillion over the same ten years. That’s right, with Rubionomics tax cuts, the coffers are EMPTY when it comes to little things like Medicaid, veterans’ health insurance, transportation, border security, education, or pretty much any other function of the federal government.
Isn’t math wonderful? Or in this case, maybe the better word to use is twisted.
And here’s the truly scary part, folks. Rubio is considered to be the fiscal moderate from among the current Republican presidential candidate clown car. If you don’t think the upcoming presidential election is an important one for this country, you might want to reconsider.
Here’s a little video from the recent presidential debates showing Rubio being confronted with his ‘fuzzy math:’
Featured image courtesy of screen capture.