Gang of Six Takes from Poor, Gives to Rich

Under the Senate's so-called "Gang of Six"* debt plan unveiled this week, percent of deficit reduction that comes through spending cuts to social programs including health care, education and environmental protection: 100

Amount by which the plan cuts Medicare, the health care program for seniors, over a decade: at least $298 billion



Amount by which it would cut military benefit programs, such as health plans for soldiers and veterans: $80 billion



Portion of the immediate deficit reduction savings outlined in the proposal that would come from reducing Social Security benefits: 1/5



Under the plan, amount less per year the average Social Security recipient would receive at age 75: $560



At age 85: $1,000



Current top marginal income tax rate for the wealthiest Americans and most profitable corporations: 35%



Lowest rate to which that would be reduced by the Gang of Six proposal: 23%



Estimated amount in profits being held offshore by U.S. companies, which under the plan would see an end to taxation of most of their overseas profits: $1 trillion



Amount by which the Gang of Six plan claims to reduce deficits over the next decade: almost $4 trillion



Amount by which the plan would actually reduce revenue by 2021, compared to the Congressional Budget Office's current law baseline: $1.5 trillion



Number of weeks left to reach a deal before the U.S. could begin to default on its debt obligations: less than 2