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Michael Ettlinger Vice President, Economic Policy Center for American Progress

Michael Ettlinger Vice President, Economic Policy Center for American Progress. 1. Full balance in 2030. Primary balance in 2015. 2. 3. Budgeting for Growth and Prosperity: A Long-term Plan to Balance the Budget, Grow the Economy, and Strengthen the Middle Class

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Michael Ettlinger Vice President, Economic Policy Center for American Progress

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  1. Michael Ettlinger Vice President, Economic Policy Center for American Progress 1

  2. Full balance in 2030 Primary balance in 2015 2

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  4. Budgeting for Growth and Prosperity: A Long-term Plan to Balance the Budget, Grow the Economy, and Strengthen the Middle Class Michael Ettlinger, Michael Linden, and Seth Hanlon http://www.americanprogress.org/issues/2011/05/budgeting_for_growth.html 4

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  7. Control discretionary spending • Security • Create a unified security budget • Cut defense spending by $110 billion in 2015 • Place a cap on security spending that grows at the rate of inflation +1% 7

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  9. Comprehensive income tax reform Reduce greenhouse gas emissions through a price on carbon and a foreign oil import fee Modest financial transactions tax Other bells and whistles Major Elements of CAP’s revenue plan 9

  10. Comprehensive income tax reform Fairer • Itemized deductions (mortgage, charitable) and retirement incentives become credits worth the same to all taxpayers • Flat 15% marginal rate for taxpayers under $100,000 (singles under $50,000) • Restore Clinton rate for top earners ($400,000 for couples; $200,000 for singles) • Temporary 5% millionaires’ surtax until budget is balanced. • Capital gains rate at 28%; dividends taxed as ordinary income. • Child Credit expanded from $1,000 to $1,250 with no phase-out and greater refundability. EITC retained in its current, enhanced form 10

  11. Effective tax rate, 1992-2007

  12. After-tax income growth, by income group

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