The CAP plan would eliminate deductions, close loopholes raise rates, implement new taxes, increase sales taxes, create new taxes... basically every form of a tax hike you can think of, all implemented on households with income above...
"Medicare needs to be fixed. Social Security needs to be fixed. The old-age entitlement programs are what are projected to drive us down the road to Greece." --------------- Let's not forget that both of those programs, as with Obamacare, came directly from the DEMOCRAT party.
Last week, the progressive think tank Center for American Progress (CAP) released their tax reform plan [pdf], supported by prominent left-wing budgeters and economists like Robert Rubin and Lawrence Summers. The net effect of this tax reform plan is a massive tax hike on "the rich" in order to fall far, far short of the revenue necessary to eliminate America's deficit.
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