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Gang of Pain: Who Suffers Under the Bipartisan Deficit Reduction Scheme

The devil is in the elusive details

The various gangs to whom our economic future has been delegated make multi-page proposals, but do we actually know the newly proposed income tax rates, and which deductions will be retained, modified or eliminated? In order to understand the impact, we need to see calculations for incomes from $50,000 to $10,000,000, with deductions for the most ususal expenses for folks at those income levels. The elimination of an alternative minimum tax could result in a massive windfall (again) for the wealthy. What specific cuts are proposed for Social Security and Medicare? For all I have read, it seems both opponents and proponents of each gang have little to go on except speculation. And for all my speculation, the wealthy will get a huge tax break as individual tax deductions eliminated will not be worth as much as the tax rate reduction.

Asher Fried

Croton-on-Hudson, NY

Jul 21 2011 - 1:32pm