GOP Senator Offers 'Fiscal Cliff' Solution

Tuesday, 27 Nov 2012 06:25 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

A GOP senator is jumping into the debate on how to avoid a "fiscal cliff" of tax hikes and automatic spending cuts, advocating a mix of tax increases with curbs on Social Security and Medicare benefits.

Tennessee Sen. Bob Corker is circulating a 10-year, $4.5 trillion plan loaded with controversial proposals, including a less generous inflation adjustment for Social Security and a gradual increase in the regular Social Security retirement age to 68 and the Medicare eligibility age to 67.

Corker's plan also includes $749 billion in higher tax revenue claimed by capping itemized deductions at $50,000, a proposal that hits wealthier taxpayers the hardest.

Corker has yet to attract any Democrats in support. But he's a rarity in Congress in that he's offering specific spending cuts and tax increases.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sens. Rubio, Casey: ISIS Best Funded Terror Group in History

Wednesday, 27 Aug 2014 10:43 AM

Two senators from across the aisle have joined forces to demand that the Obama administration finds a way to cut off the . . .

At Koch Retreat, Top GOP Senate Candidates Credited Kochs for Rise

Wednesday, 27 Aug 2014 10:30 AM

Three top Republican Senate candidates heaped praise on the political network built by the conservative billionaires Cha . . .

Report: Hundreds of Americans May Be Fighting for ISIS

Wednesday, 27 Aug 2014 09:58 AM

The government is tracking at least 300 Americans who may be fighting with the Islamic State's terrorists in Iraq and Sy . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved