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President Obama's debt reduction plan is set to land Monday in the laps of the 12 members of the Congress' bipartisan debt committee.
In recent weeks the president has said his plan would offer specific proposals that can achieve savings "more ambitious" than the committee's $1.5 trillion target. He said it would be "balanced," involving both spending cuts and tax increases. And he promised it would "stabilize debt in the long run."
Many Democrats' blood pressure will hit the roof if Obama proposes raising the eligibility age for Medicare
Fiscal hawks, on the other hand, would applaud an increase in the retirement age for both Medicare and Social Security because if done gradually and in a way that protects workers in physically demanding jobs, it's a comparatively easy way to contribute to the programs' long-term solvency.
On Sunday, for instance, a White House official said the president would propose what he'll call the "Buffett rule" -- a new top tax rate for millionaires to ensure they pay roughly the same average rate of federal taxes on their income as middle class families do.
Legendary investor Warren Buffett has urged Congress to tax the super-rich more, since many of them earn a bulk of their income from investments, which are taxed at a lower rate than wages.
Originally posted by pirhanna
Step 1: Manufacture a crisis
Step 2: Public clamors for government to take their Medicare and SS so they can fix the mess.
Step 3: Profit
Tax revenue has gone down since the economic crisis and is about to get worst. Too much spending no enough taxes.
That is why Obama wants to introduce the "Buffett rule".