Gang of Six Plan Raises Taxes by $3 Trillion

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The Gang of Six “Bipartisan Plan to Reduce Our Nation’s Deficits” claims their tax reforms would be scored by the Congressional Budget Office as a $1.5 trillion net cut. But no details are provided on how they arrive at this number other than saying they will abolish the Alternative Minimum tax. So how can this plan claim to be a “balanced approach” (which means higher revenues), yet also claim to be a $1.5 trillion tax cut?

This probably means they are using a CBO baseline that assumes the AMT continues as written today and that the current Bush rates expire. Last August, the CBO said those policies would amount to a $4.8 trillion tax hike. Which means the the Gang of Six plan probably raises taxes by about $3+ trillion over current rates.

Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/beltway-confidential/2011/07/gang-six-plan-raises-taxes-3-trillion#ixzz1SaDNwBYc

Gang of Six Plan Raises Taxes by $3 Trillion

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