Former Republican U.S. Senator Alan Simpson and President Clinton’s former White House Chief of Staff Erskine Bowles have laid out a bold plan for reducing the national debt.
I just had to give them an earful about reducing or eliminating my mortgage deduction. This would represent a huge tax increase on me – not to mention my fellow members of the middle class.
Simpson and Bowles just laughed me off, as you can see from this photo.
Bottom line: Nobody is going to like everything about this plan, but without it, America is surely going to be belly-up broke. Simpson and Bowles hope that as they eliminate cherished deductions they can also lower tax rates and broaden the tax base.
There’s a lot of harsh but needed medicine in their plan. I don’t like it. But I am afraid we need it.
And I laud Simpson and Bowles for keeping their solution to 57, very readable pages when many commissions can’t even stop at 1,000. Click here to read their report.
And Click here to read my column on the Simpson and Bowles.