Simpson-Bowles Stinks

[Myra]

Really. Really. Bad.

Bernie Sanders Blows the Lid Off the ‘Bipartisan’ Plan To Cut Taxes for Corporations and the Wealthy

In a letter to his Senate colleagues today, Bernie Sanders exposed the bipartisan Simpson/Bowles plan for what it really is. A scheme to lower taxes on the wealthy and corporations while passing the burden to the rest of us.

Sanders laid out the 5 areas of Simpson-Bowles that he believes Democrats should strongly oppose. Simpson-Bowles would cut Social Security benefits for current retirees, cut veterans’ benefits, raise the retirement age to 69, and cut Social Security benefits for middle class workers. Simpson-Bowles would also cut taxes for corporations and the wealthy. The Simpson-Bowles plan would reduce taxes to an even lower level than the Bush tax cuts. Taxes on corporations and the wealthy would be reduced to 23%-29%. Simpson-Bowles also would increase the gas tax by 15 cents, increase Medicare premiums, establish a territorial taxation system that would allow corporations to avoid US taxes by establishing subsidiaries overseas. Simpson-Bowles would also increase taxes on low income workers by 14.5% starting in 2021, and it would make fewer people eligible for SSI, CHIP, Medicaid, LIHEAP, WIC, Head Start, the Earned Income Tax Credit, and the Refundable Child Credit.

[MilesColtrane]

Obama knew that it would never see the light of day.

He used it to make the Republicans hang themselves with their own rope.