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Tax Questions Haunt Gang Of Six

July 21, 2011 by  

Tax Questions Haunt Gang Of Six

Part of the deficit-reduction proposal put forward by the “Gang of Six,” a bipartisan group of senators comprised of three Democrats and three Republicans, is reforming the tax code. The reforms would reduce the number of tax brackets from six to three. However, experts are divided as to whether these reforms will lower taxes or raise them.

“We need to reduce the deficit of the United States by $4 trillion or more in the next 10 years. Everybody agrees on that. The only way to achieve it… is to put everything on the table. Is it risky politically? Of course it is,” Senator Dick Durbin (D-Ill.), a member of the Gang of Six, said in a statement to the press on Monday. “For Republicans, it means accepting that we need more revenue, and we do… If we are asking sacrifices of individuals and families across this country, certainly those who are the most comfortable, the most well-off, should be willing to pay their part.”

A CNNMoney article discusses the tax impact of the Gang of Six proposal, saying that some experts are concerned it would raise taxes for the lowest tax bracket — the very individuals Democrats have expressed concern about in their protests against entitlement reform.

“(F)or some tax filers rates could be a little higher… or not. For instance, with a proposed range of 8% to 12% for those in the lowest bracket, it’s not clear whether the final rate chosen would be above or below the 10% rate in effect today,” the article read.

According to the article, proposal does not include specific tax rates for the new brackets, only ranges: “between 8% and 12% for the lowest bracket; 14% and 22% for the middle bracket; and 23% and 29% for the top bracket.”

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  • TIME

    Are you talking about the gang of Twinkies?

    Well then yes, questions are many, answers are few.
    Please look into this deeper these twits are little more than ROAD APPLES with legs.

    This is not a good thing gang of 6, 10 or even 535. There is “nothing” in this that is Good for the American people.

  • Cape Conservative

    Agree!

    It is time for the members of Congress to LISTEN to their constituents…you know, those everyday tax-paying Americans they were elected to REPRESENT!!!!

    I am sick and tired of two or three or SIX people getting together BEHIND CLOSED DOORS and making decisions that affect the entire country!!! What happened to the president’s promise of ‘open meetings’ ‘transparency’ ‘CSpan cameras in every room’??????????????? He is on the path of total transformation of our beloved country – a country he openly despises and continues to denigrate and destroy with every word he utters and every document he signs!!!

    It is past time for the leadership in Congress to resign and allow new members to bring forth their fresh new ideas such as REPRESENTATIVE LEADERSHIP to the table. We do NOT want more of the same-old same-old political dealings. It is NOT in America’s best interest to have important decisions made by just a few oldtimers who scratch each other’s backs for favors!!!!!!!!!!!!

  • Marc

    I totally agree – get these entrenched pieces of garbage OUT of office and out of leadership roles. They have and are leadinging the U.S. into destruction.
    8th graders (from private and Home schools) could run the country better !
    :The People” and the Tea Parrty ists, and anyone that care about this country needs to sharpen our teeth, “Run for Office (at all levels, esp Local & State), and get us back on track.
    And I like the idea of Cameras AND microphones in every room, hallway, and gold course. “NO more secrets; No more “Back room deals.”

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