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