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I have not had time to go over this with a fine tooth comb, but on the surface this sounds like the best thing to come out of DC in a LONG time: http://johnrlott.tripod.com/TheMomentofTruth.pdf
Basic points:
-Across the board spending cuts (military* and non-military spending)
-Elimination of all itemized tax deductions, capital gains tax, and AMT
-Only three tax brackets, the highest of which would be 23%, corporate tax reduced to 26%
-Payroll tax stays as is absent SS reform.
*quote: "Our biggest national security threat is our debt". So very, very true. All the military might in the world is irrelevant if we can't actually afford it.
Basic points:
-Across the board spending cuts (military* and non-military spending)
-Elimination of all itemized tax deductions, capital gains tax, and AMT
-Only three tax brackets, the highest of which would be 23%, corporate tax reduced to 26%
-Payroll tax stays as is absent SS reform.
*quote: "Our biggest national security threat is our debt". So very, very true. All the military might in the world is irrelevant if we can't actually afford it.