If you’d like to understand the details of the Gang of Six plan, please read my (quite long) earlier post.
I strongly oppose the Gang of Six plan. I think it is absolutely terrible fiscal policy.
First I’ll flag a few things I like in the plan.
- I support making a technical correction to CPI, even though it would result in higher revenues.
- Repeal of the CLASS Act is great.
- It’s good they included medical malpractice reform.
That’s it. Others right-of-center are salivating at the low marginal income tax rates described in the plan, both for individuals and corporations. I think those low rates never materialize, for both arithmetic and legislative reasons, and explain why below.
I make a lot of assertions in the following argument. For backup, please see my earlier explanatory post, which contains links to the Gang’s source documents.
Here are 17 reasons why I oppose the Gang of Six plan.
(photo credit: graham_alton)