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...
The rich aren't the target in the first place — the rich are, by definition, those who already have money. This is a tax on those ontheir way to becoming rich, at best. But the "target" isn't the victim. Those who are most easily hurt by a sluggish economy and high unemployment are.
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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