(March 1, 2017 at 2:06 pm)Tazzycorn Wrote:(March 1, 2017 at 11:04 am)vorlon13 Wrote: Meat and taters from Wiki:
The final plan was broken down into six major components (savings are 2012-2020):
An additional $673 billion is saved due to lower projected spending interest payments as a result from lower deficits.
- $1,661 billion of discretionary spending cuts by putting in place discretionary spending caps into law lower than what is projected to be spent.
- $995 billion in additional revenue with $785 billion in new revenues from tax reform by lowering income and corporate tax rates and broadening the base by eliminating tax expenditures. An additional $210 billion in revenue is also raised in other revenue by switching to the Chained-CPI and an increase in the federal gasoline tax
- $341 billion in federal health care savings by reforming the Sustainable Growth Rate for Medicare, repeals the CLASS Act (which has already happened), increase Medicare cost sharing, reform health-care tort, change provider payments, increase drug rebates and establishes a long-term budget for total federal health-care spending after 2020 to GDP + 1 percent.
- $215 billion in other mandatory savings by moving to the Chained CPI for all inflation-indexed programs, reform the military and civil service retirement system, reduce farm subsidies, reduce student loans and various other reforms.
- $238 billion in Social Security reform, to be used to ensure the program is sustainably solvent in the infinite horizon by slowing benefit growth for high and medium-income workers, increase the early and normal retirement age to 68 by 2050 and 69 by 2075 by indexing it to longevity, index cost of living adjustments to the Chained-CPI, include newly hired state and local workers after 2020, increase the payroll tax cap to cover 90 percent of wages by 2050 and creates a new minimum and old-age benefit.
- Budget Process Reforms by creating discretionary spending caps and caps total federal revenue at 20 percent of GDP.
The interesting thing about Simpson Bowles was the plan had equal support among Dems and Pubs. While this is a fatal flaw obviously, it is still something to think about.
2) Oh, great let's increase our tax take by reducing the amount of money we can collect in taxes. Yeah I can see that working, just like the pound note I buried in the back garden when I was a kid grew into a magical money tree.
No matter how many times the Republican tax plan fails to work the way they say it will, they won't change it for the better.
Believe it or not a republican himself, George H.W. Bush called it "voodoo economics."
Sent from my LGL52VL using Tapatalk
