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. Soaking the rich won't help that. --- Don't sweat those minor details. The people have spoken.They want the rich to be soaked.By Obama/Davis Soetoro. BTW, they don't want Greece either. They want something muuuuch bigger.Greece is a small country. It would behooves US to do something much, much more spectacular since US is such a laaarge Kuntry.The people want something that will make Greece looks like a picnic.
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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