Supercommittee Said to Weigh Republican Plan on U.S. Tax Breaks
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Republicans proposed cutting the U.S. deficit with a tax overhaul to yield about $300 billion and by raising the Medicare eligibility age to 67, said aides familiar with a congressional supercommittee’s talks.
Republicans, who until now opposed new tax revenue in any deficit plan, suggested reducing individual tax deductions, exclusions and other breaks and changing the way income tax brackets are indexed to inflation, a Democratic aide said. In exchange, Republicans called for chopping the top marginal tax rate to as low as 28 percent, the aide said. Those changes would net $300 billion in higher revenue, the aide said.