Gang of Six Plan (Link)

[Fearless]

Some lovely highlights...

"Reduce marginal income tax rates and abolish the $1.7 trillion Alternative Minimum Tax.

Change the debate about taxes in America from rate levels and carve outs to
competitiveness, fairness and growth.

Finance would permanently reform or replace the Medicare Sustainable Growth Rate
formula ($298 billion) and fully offset the cost with health savings, would find an
additional $202 billion/$85 billion in health savings, and would maintain the essential
health care services that the poor and elderly rely upon.

Simplify the tax code by reducing the number of tax expenditures and reducing individual
tax rates, by establishing three tax brackets with rates of 8–12 percent, 14–22 percent,
and 23–29 percent.

Establish a single corporate tax rate between 23 percent and 29 percent, raise as much
revenue as the current corporate tax system, and move to a competitive territorial tax
system.

Review total federal health care spending starting in 2020 with a target of holding growth
to GDP plus one percent per beneficiary and require action by Congress and the
President if exceeded.

Allow the Majority Leader and Minority Leader to limit debate and the number of
amendments, or impose other substantive restrictions by agreement, so that the Leaders
can manage the bill with a process that satisfies 60 Senators and the process cannot be
held up by a small group on either side. If the Leaders cannot agree, the bill is
considered under the regular order.

http://assets.nationaljournal.com/pdf/071911ConradBudgetExecutiveSummary.pdf

[bluestateguy]

1. The AMT should be fixed, but not abolished

nt