Wednesday, August 29, 2012

Progressives Actually Do Have a Deficit Reduction Plan

Haven't finished reading it yet, so this post is not meant to be an endorsement of the plan in any way. However, it is a common right wing talking point that there is no plan from the left to get America's fiscal house in order. That is just plain false.

Short form, it achieves $6.8 trillion in deficit reduction by cuts to the military, raising taxes on the top of the income distribution (including several new brackets), ending preferential treatment for capital gains, and simplifying the tax code by eliminating many corporate tax expenditures. It also contains substantial stimulus measures.

So agree or disagree with it, there is a plan.

Here is the 1 page summary.

Here is the executive summary.

Also, as Ezra Klein stated about their 2011 budget proposal, "it's much more courageous to propose taxes on the rich and powerful than spending cuts on the poor and disabled."

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