bripat9643
Diamond Member
- Apr 1, 2011
- 170,166
- 47,312
So what will this new plan for deficit reduction look like? Ten years of cuts get turned into ten months of tax hikes and cuts in equal measure. The tax hikes in the plan equal that gained by Barack Obama in the January standoff for the rest of this year. The cuts fall mainly in defense spending and agricultural subsidies. Will that fly? Only like the domesticated turkey that it is:
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Video: Senate Dems to announce sequester-replacement plan today « Hot Air
VIDEO LINK
Dems' plan to avoid sequester: $120B in spending cuts, new tax revenue - CBS News
CBS News has learned that the Senate Democrats long-awaited plan to avert the sequester, being announced by Sen. Patty Murray, D-Wash, Thursday, would replace the 10-year sequester for the rest of 2013 10 months with $120 billion in spending cuts and new tax revenue, split 50-50.
Most of the revenue would come from implementing whats known as the Buffett Rule, named after investor Warren Buffett. The rule would cap deductions and loopholes for millionaires so they pay at least 30 percent of their salary in taxes. Senate Democrats tried and failed to pass the Buffett Rule last year.
The spending cuts would come from eliminating agriculture subsidies and from trimming the defense budget, though not as drastically as the sequester would.
Most of the revenue would come from implementing whats known as the Buffett Rule, named after investor Warren Buffett. The rule would cap deductions and loopholes for millionaires so they pay at least 30 percent of their salary in taxes. Senate Democrats tried and failed to pass the Buffett Rule last year.
The spending cuts would come from eliminating agriculture subsidies and from trimming the defense budget, though not as drastically as the sequester would.
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Video: Senate Dems to announce sequester-replacement plan today « Hot Air
VIDEO LINK
Dems' plan to avoid sequester: $120B in spending cuts, new tax revenue - CBS News