Do you think Senator Corker Plan will solve the Fiscal Cliff?
Senator Bob Corker, a freshman Republican senator from Tennessee has proposed a $4.5 trillion plan on how to avoid next year Fiscal Cliff. His plan is for a 10 year period which included a less inflation adjustment for Social Security, and a gradual increase in the Social Security retirement age to 68 and the Medicare eligibility age to 67. This plan will affect millions of senior citizens and to me this is not acceptable.
Another item in his plan is to include $749 billion in higher tax revenue by capping itemized deductions at $50,000. This proposal will affect the wealthy taxpayers the hardest. I agree on this plan.
According to the news, no Democrats has offered any support. His plan however is very specific which is very rare in Capitol Hill. I commend Senator Corker for his initiative and effort.
Senator Corker also offered a broad outline of the 242-page measure on the editorial page of Monday's Washington Post. A more detailed summary circulating on Capitol Hill contains a fuller description, including higher Medicare premiums for upper-income earners and new revenue from Medicare co-payments and deductibles.
This proposal will hit Federal workers with higher contributions to their pensions and would receive an $11,000 voucher payment to finance their family's health insurance, saving taxpayers about $7 billion a year. I like this proposal.
Do you agree with this proposal?. Do you think this will solve the coming Fiscal Cliff? What are the specifics of the Obama plans? I will welcome any comments.
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