Monday, September 19, 2011

A Helpful Breakdown of Obama's Deficit Cutting Plan

Posted By on Mon, Sep 19, 2011 at 10:00 AM

I can only imagine what the response will be, but in case you missed this morning's speech, here's how the helpful blog DC Decoder has a solid breakdown of Obama's debt reduction scheme.

The most controversial section? The not raising/raising of taxes for the wealthy:

4. $1.5 trillion from tax reform

This is where things get interesting. While the “Buffett Rule,” a novel Obama prescription that would prevent upper income earners from paying a lower rate than middle class Americans, has gotten a lot of press, the President doesn’t specify how much it would reduce the deficit in his plan. Instead, tax reform savings come from:

* Allowing the Bush tax cuts to expire for the wealthiest Americans (over $850 billion)
* Limiting exclusions and deductions for those making over $250,000 per year ($410 billion)
* $300 billion in savings from closing loopholes and special tax breaks.

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