Gang of six plan raises taxes by $3 trillion

Washington Examiner ^ | 07/19/11 | Conn Carroll

[Qbert]

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.

[okie01]

Republicans need to learn to cut this monstrously huge government the same way the Dems built - one piece at a time.

A suggestion for the Republican leadership, regarding 2012:

Every Friday, every standing committee should bring one bill to the floor repealing a previous bill in its entirety.

Call it Freedom Friday. And add up the savings on a Jumbotron located over the steps leading to the capitol.

Extra credit will be given for the elimination of entire departments...

[Danae]

Mission managed.

[Grunthor]

Whenever there is a gang of anything in the Senate I usually envision the American people getting gang-raped.

[Tzimisce]

Taxes go up ONLY by 3 trillion?

Wow - the moderates really do run that place.

/sarc

[BlackElk]

Apparently that is McConnell’s delusion as well. Defeat him and any Republican sell-out artist associated with the Gang of Six plan. Crapo and Coburn are easily defeated in primaries and Saxby Chambliss has additional “ruling class” foreign policy issues to shore up his defeat in a primary. Gut them like fish. Durbin and Warner need to be defeated and Conrad is retiring and will be replaced by a ND Republican.