Summary of the "Gang of Six Plan" - Newsroom: U.S. Senator Bernie Sanders (Vermont)

Summary of the "Gang of Six Plan" - Newsroom: U.S. Senator Bernie Sanders (Vermont)

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Provides major tax cuts to the wealthy and large corporations.

The Gang of Six plan reduces the top marginal income tax rate for the wealthiest Americans and most profitable corporations from 35% to as low as 23% (about 34% lower than the top tax rates under Bush).

Instead of reforming the Alternative Minimum Tax, it abolishes it altogether providing a major tax cut for the wealthiest Americans.

It reduces the deficit by about $3.7 trillion over 10 years, while providing a net tax cut of $1.5 trillion that will mainly go to the wealthiest Americans and most profitable corporations.

In other words, 100% of the deficit reduction achieved by the Gang of Six plan is through spending cuts to programs like Medicare, Medicaid, education, child care, Head Start, LIHEAP, environmental protection, and other programs that the sick, the elderly, the children, and working families need.

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