This "Gang of Six" Senate deficit/debt reduction plan consists of a lot of vague promises to save money far, far in the future ("Review total federal health care spending starting in 2020"), but the tax reform in it is worth focusing on, just in terms of ideas that could garner some bipartisan support in the Senate. From a PDF summary circulating this morning (I got it from Mike Allen's Politico Playbook, which says it came from Kaiser Health News): "Simplify the tax code by reducing the number of tax expenditures and reducing individual tax rates, by establishing three tax brackets with rates of 8–12 percent, 14–22 percent, and 23–29 percent...Establish a single corporate tax rate between 23 percent and 29 percent." Remember, the top federal individual income tax rate now is 35%, and the top federal corporate income tax rate is 35%, so these are rate reductions, though there's little-to-no detail in the PDF on what "tax expenditures" are being targeted.
What's In the Gang of Six Plan?
https://www.futureofcapitalism.com/2011/07/what-in-the-gang-of-six-plan
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