Paul Ryan's budget proposals have earned him recognition from his fellow party members in Congress, and the presumed Republican vice presidential nominee's plans could have far-reaching effects on the American people if signed into law.
In Ryan's 2010 "Roadmap for America's Future" and the more recent "Path to Prosperity" in 2012, the Wisconsin congressman has laid out his vision for the role of the U.S. government and the future of federal entitlement programs.
Under Ryan's most recent proposal, the way Americans pay taxes would be markedly different. Taxpayers would fit into two tax brackets: Individuals falling in the top tax bracket would pay a rate of 25 percent, while those who fall into the lower bracket would pay 10 percent. (Ryan's 2010 Roadmap plan went further, eliminating all taxes on capital gains, inheritance and interest. Such cuts would have permitted individuals like Mitt Romney, who derives much of his income from those sources, to get away with paying nothing in taxes.)
To balance Ryan's proposed $4 trillion in tax cuts, many federal programs would have to be drastically revamped. The Atlantic's Derek Thompson estimates 40 percent cuts in transportation and education spending, and 24 percent cuts to veterans' programs, among others.
Medicare and Social Security would also face "reform" under the Ryan plan. Medicare beneficiaries, for example, would receive financial support from the government to purchase private health insurance coverage starting in 2023. Ryan's proposal could also mean that 44 million fewer people would be covered under Medicaid, CBS News reports.
Below are some of the ways Ryan's budget would affect you: