The "Gang of Six" proposed debt reduction has no substance

The "Gang of Six" Proposal is available here. The lack of specificity and enforceability is maddening. The executive summary is less than four pages of text. There might be a full version of the proposal someplace, though I don't think that it would solve the obvious problems shown in the executive summary.

-- For individual income tax rates: "establishing three tax brackets with rates of 8-12 percent, 14-22 percent, and 23-29 percent."
-- For corporate income tax rate: "between 23 percent and 29 percent, raise as much revenue as the current corporate tax system."
-- "Tax reform must be projected to stimulate economic growth, leading to increased tax revenue."

If the Gang can't even agree on what the rates are supposed to be, how do we know that the Senate, House, and President are going to agree. How much is economic growth supposed to be stimulated? Who decides if it is stimulative? Obama lowers average tax rate and raises marginal tax rate, and he believes that is stimulative. The vast majority of economists would hopefully think that lowering the marginal tax rate is what matters. The Finance Committee is supposed to "report tax reform within six months."

Here is one that I particularly like: "Judiciary would find an unspecified amount through medical malpractice reform."

Even Pelosi said: the proposal was "not ready for prime time."

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