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.
Clint Smith is a teacher, writer, and doctoral candidate in Education at Harvard University studying incarceration, education,… More