The good news is that today a group of senators, the Gang of Six, Democrats and Republicans — I guess now Gang of Seven, because one additional Republican senator added on—put forward a proposal that is broadly consistent with the approach that I've urged.~Barack Hussein Obama
Via Accounting Today, the Obama/Gang-of-Six or Seven plan would reduce the following tax deductions:
- mortgage deductions
- 401(k) plans
- individual retirement accounts
- charitable deductions
- child tax credits.
- buy fewer houses
- save less for their old age
- give less to charity
- have fewer children and poorer children.
|Gang-of-Six Democrats Dick Durbin (IL), Kent Conrad (ND), and Mark Warner (VA)|
|Gang-of-Six Republicans Saxby Chambliss (GA), Mike Crapo (ID), and Tom Coburn (OK)|
Must be, because President Obama says this plan is "consistent with" the approach he says he has urged.
Although I don't remember raising taxes on children, charity, savings, and housing being part of the hope and change Obama was advocating just 2 1/2 years ago.
Linked at iOwnTheWorld. Thank you, BigFurHat!