Back to the Basics: $1 tax hikes, $3 cuts.

Committee

No. Yes. No. Yes.

Once we break the corporate monopolies and cap money into politics – the bigger cleanup of federal government could continue in a rational and productive manner. And fixing the budget is just about finding the right mix of spending cuts and raising revenue – and which areas should be most affected.

Independent economists mostly suggest around 1-3 in revenue and cuts, special interests reject any revenues at all.

From the Hill:

Democrats have proposed more than $1 trillion of tax increases in a $3 trillion deficit-reduction plan that they dropped with a thud onto the negotiating table of Congress’s supercommittee.

The plan proposed Tuesday by Senate Finance Committee Chairman Max Baucus (D-Mont.) and backed by a majority of Democrats on the panel was presented as a grand bargain that cuts entitlements, stimulates the economy and goes much further than the $1.2 trillion deficit cut required under the August debt-ceiling deal.

Full story.

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