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...
Democrats have done this every time we get close to the debt ceiling. They make Republicans compromise their principles, then never follow through with their side. Republicans can do two things. They can just tell the Democrats "Do what you want. America voted and chose Obama and spendaholic Democrats so we are going to give America what you voted for". Vote present on every bill and make the Democrats OWN what ever happens. The other option is to allow the Bush cuts to expire and force government spending reductions on EVERYTHING then present tax reduction bills for everyone making less than 1 million per year and dare the Democrats to oppose tax reduction for the middle class.
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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