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...
How about we make General Electric pay taxes (since they seem to be paying no federal taxes? And while were at it, let bring Apple, Google and the other tech giants in and "invite" them to pay their fair share? Isn't it funny how Democrat Billionaires (including Soros and Buffett) get all the tax breaks and the average joe continues to foot the bill?
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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