Maiello: Defeat the Press
Wolraich: Obama at the Gates of... Gates
Gang of six: Contributors include Senate Minority Leader Dick Durbin, D-Ill., Senate Budget Committee Chairman Kent Conrad, D-N.D., and Sens. Mark Warner, D-Va., Mike Crapo, R-Idaho, Saxby Chambliss, R-Ga., and Tom Coburn, R-Okla.
The plan is heavy on cuts to Social Security, cuts the SS COLA, Medicare, Medicaid, it cuts taxes on the rich (the alternative minimum tax which hits primarily incomes over $150K would be eliminated,). This is estimated to give a $1.5 trillion loss in revenue over 10 years. No specifics on how 'tax reform' will raise '$1 trillion' in revenue over 10 years, probably more GOP fantasy 'tax cuts lead to more revenue' BS. Cuts discretionary spending over 10 years, cuts income tax rates in general which would seem to benefit mostly those with higher income, from the PDF::
•Reform, not eliminate ('not eliminate! this should reassure you!), tax expenditures for health, charitable giving, homeownership, and retirement, and retain support (???) for low-income workers and families....(how low, to qualify for 'support'?)
• Shift to the chained-CPI (a more accurate measure of inflation) government-wide starting in 2012, along with the following specifications for Social Security:
Dramatically cut discretionary spending:
• Cut nonsecurity and security discretionary spending over 10 years. (are they kidding, this would hit every program for students, the poor, middle class, and inspection/regulation of business/environment/food/drugs/Wall Street etc.)
• Permanently repeal the $1.7 trillion Alternative Minimum Tax.
• Tax reform must be projected to stimulate economic growth, leading to increased
revenue. (translation: cut taxes on wealthy and big corporations and don't worry if it doesn't work to stimulate growth)
• Tax reform must be estimated to provide $1 trillion in additional revenue to meet plan targets....('tax reform'? How to 'reform' is not specified, my guess is tax reform will CUT taxes AND revenue, up to or more than the entitlement cuts)
From Washington Insider:
* Reform spending through the tax code to eliminate investment distortions and tax gaming (Congress will shut down the casino on Wall Street??).
* Change the debate about taxes in America from rate levels and carve outs to competitiveness, fairness and growth. (...= cut tax rates on the rich, assume it will trickle down)
Obama has said the plan shows there is 'hope' for a bipartisan deal.