The most controversial aspect of this proposal is Social Security reform, calling for a higher retirement age and curbed benefits.
The proposal also calls for tax reform, but not how you might expect. It would reduce and simplify rates for individuals and corporations, but cut exemptions on both ends of the spectrum. The upshot would be a major increase in tax revenue.
Yesterday the 18-member panel delayed voting on the proposal, probably because of internal divisions. Reportedly the six Democratic congressmen on the panel won’t go on entitlement reform and the six Republican congressmen won’t go on tax increases. They need 14 votes to send it to Congress.
Savings: $100 million by 2015
Note: This means getting rid of some of the governments 1.2 million buildings.
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