Here's the link to the Deficit Commission Final Report released today!

[Better Believe It]

http://static1.firedoglake.com/1/files/2010/12/fiscal-comm-final-report.pdf

[QC]

1. I FEEL SO FULL OF HOPE!1!1!!!11!

[somone]

2. There is even Medical Malpractice Reform on p. 35!

How cool is that

[MineralMan]

3. What was the vote of the Commission?

I couldn't find it.

[MannyGoldstein]

4. First recommendation was put into action on Monday!!!

:woohoo:

Temporary freeze on Federal Government salaries!!!

I can't wait for the other recommendation of this patriotic bi-partisan group to be put into action.

That our President is so eager to follow this group's recommendations that he even jumped the gun by a few days, will help show the Republicans that we Democrats can finally be trusted again.

[somone]

5. That's just a little earnest deposit

to prove he's for real.

[raouldukelives]

6. Together we can bring back the centrists!

Another big tax cut for the rich and a couple more Saudi arms deals should appease them! Yay us!

[Juche]

7. Look at the tax plan on page 28

That isn't bad.

After tax income would decline by 0.2 to 1.6% for the bottom 80% of income earners due to higher taxes. The 80-99th% will also see similiar declines of about 1.6%.

However the top 1% will see an 8% decline and the top 0.1% will see an 12% decline in after tax income. So if that is true, that is fairly progressive income tax distribution. However I don't know if the 95-99% should see the same tax increases (as a % of income) as the bottom 30% or so. But the top 1% will see tax hikes under the plan.



Also the SS plan on page 44 attempts to make SS a more progressive system.

In order to control costs, the Commission proposes gradually moving to a more progressive benefit formula that slows future benefit growth, particularly for higher earners. Currently, initial benefits are calculated using a progressive three-bracket formula that offers individuals 90 percent of their first $9,000 of (wage-indexed) average lifetime income, 32 percent of their next $55,000, and 15 percent of their remaining income, up to the taxable maximum. The Commission recommends gradually transitioning to a four-bracket formula by breaking the middle bracket in two at the median income level ($38,000 in 2010, $63,000 in 2050), and then gradually changing the replacement rates from 90 percent, 32 percent, and 15 percent to 90 percent, 30 percent, 10 percent, and 5 percent.