Revisions include Social Security cuts, new taxes.
Care until Friday, when the panel votes and, in all likelihood, rejects it: President Obama’s deficit commission released its report on Wednesday, and recommended a combination of measures that could cost the average tax payer $1,700 per year. They include raising the Social Security retirement age to 69; higher Medicaid premiums and smaller Social Security checks for wealthier retirees; the elimination of several tax breaks; raising payroll taxes on the wealthy; and cuts in domestic spending. The panel’s final plan is not too different from the draft that was discussed a few weeks ago.
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