A bipartisan group co-led by former U.S. Sen. Pete Domenici released its recommendations for dealing with the nation’s debt and deficit on Wednesday. Among its proposals is the implementation of a 6.5 percent national sales tax.
You can find details about the “Restoring America’s Future” plan from the Bipartisan Policy Center here.
In short, the plan would slash the debt by $6 trillion, but it would do so through some controversial means – the most controversial being the sales tax that’s already being attacked as regressive.
The proposal includes many measures, including suspending some payroll taxes for a year, freezing discretionary domestic spending for four years, and freezing discretionary defense spending for five years.
In September, Domenici warned in Las Cruces that the proposal would include tax increases and cuts.
“We’re not going to ask everybody to love us,” Domenici said at the Domenici Public Policy Conference. “We’re hoping and praying that the public won’t hate us.”
Domenici’s group is the second in a week to unveil proposals for dealing with the nation’s debt. Last week, a group convened by the president recommended $4 trillion in cuts.