“Gang of Six” tax plan–sacrifice for all but multinationals

OK. I admit that I got my hopes up upon hearing that U.S. Senate Democrats and Republicans were talking nice about the Gang of Six deficit reduction outline that included revenue increases as well as budget cuts.

But as they say—the devil is in the details. And the details in the Gang of Six proposal are sketchy to say the least.

But here is what we can garner from what has been made available to the public.

If you like U.S.-based multinational corporations using offshore tax havens and tax loopholes to avoid paying taxes, then you’ll like the Gang’s plan.

If you like these multinationals shipping U.S. jobs overseas, then you’ll like the Gang’s plan.

If you want to keep the inequity of our tax system that favors corporate giants and the wealthiest in our country, then you’ll like the Gang’s plan.

The Gang’s plan projects to increase federal government revenues by $1 trillion over 10 years. But instead of asking those not paying their fair share of taxes ($1 trillion over the next decade is the projected amount of taxes not being paid due to corporate tax havens and loopholes); the proposal suggests reducing tax deductions for employers offering health insurance, charitable giving, home mortgages and other middle class breaks.

That short term lifting of the debt ceiling combined with some budget cutting all of the sudden doesn’t look so bad. At least then we’ll still have a chance for common sense revenue enhancers that treat small businesses and hard-working Americans fairly.

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