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(Bloomberg) -- Democrats criticized a Republican plan to cut the U.S. deficit by overhauling the tax code, as a Democratic staff analysis said it would lower rates for high- income Americans while raising taxes on the middle class.
Is GOP tax plan a windfall for the rich?
Seeded on Thu Nov 10, 2011 3:57 AM EST
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Republicans proposed setting the top marginal tax rate as low as 28 percent, compared with the current 35 percent, while reducing individual tax deductions and exclusions and changing the way income tax brackets are indexed to inflation. The plan would net $300 billion in higher tax revenue to help cut the deficit, according to aides who spoke on condition of anonymity. It also would raise the Medicare eligibility age to 67 from 65.
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