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...
So what's the senario? Repulsicans fight like dogs (for principles) to stop the collective from raising taxes several points on the "rich.." Why fight it? It's going to happen anyway [and as the "rich" never thought it necessary to buy one of the three major networks (or create a 4th) in the last 50 years]....they are victims of their own shortcomings. We all know that the sought revenues will be far short of what the regime projects.......but looking forward (sorry 'bout that), when the economy goes into the sh*tter, repulsicans can say [if any network will televise it] that, "we told you so!"......now try it the right way America.......them out, us in.
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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