The Republicans on the super committee have reportedly offered a plan to raise revenues that includes putting a cap on itemized tax exemptions that most middle class tax payers benefit from such as the write off on home mortgages in return for lowering the tax rate on the everyone, including reducing taxes on the wealthy from 35% to 28%. Democrats are rejecting the offer, and calling it a joke.
Seems to me that once again, Republicans are offering up plans that benefit the wealthiest the most. Those who gain the most from the current exemptions such as mortgage interest and child tax credits are the lower income and middle income Americans. If you take these exemptions away, they will feel the most impact. Do those earning over $250,000 really need their taxes reduced? Most people think not. I would have to see the details of the offer, but initially, it looks like a bad deal.
It looks as if this plan is dead anyhow, since the Democrats have strongly rejected it. Will the super committee be able to come up with some kind of compromise soon? Let's hope so.
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