Taxes Would Jump Without Medicare Reform: Norquist
Tax rates would have to double if Medicare and Social Security are preserved in their current form, tax foe Grover Norquist warned on CNBC’s "Squawk on the Street" on Monday.
At present levels, both Medicare(learn more) and Social Security(learn more) are unsustainable, said Norquist, president of Americans for Tax Reform. “And the tax rates would have to double to do anything like meet previous expectations,” he said.
(Read More: Stark Differences in Ryan, Romney, Obama Tax Plans.)
Norquist said the Medicare plan adopted by Republican presidential hopeful Mitt Romney and vice presidential candidate Paul Ryan preserves the entitlement for current seniors and those over age 55, but “does allow younger people to have different options and alternatives, including staying in the old system.”
He also said that with a concrete plan to preserve Medicare, it will be more difficult for Democrats to "make up stories and say that Republicans want to end Medicare."
Norquist also said that “When Romney put Paul Ryan on the ticket, it signaled to the whole nation that he was serious about reforming all the welfare programs and serious about maintaining Medicare so it’s there in the future.”