By Ezra Klein
The new Simpson-Bowles plan includes less in tax increases and more in spending cuts than the original.
The various plans floating around the fiscal cliff vary widely in which income groups they'd hit. Here's how they differ, in one chart.
Did you know Simpson-Bowles has $2.6 trillion in tax increases? Or that it taxes capital gains as ordinary income? Or that it cuts deeper into defense than the sequester? Or that it raises the gas tax by 15 cents? These, and other amazing facts, inside.
Let's face it: Congress will probably kick the can down the road again. But that means they'll need a new set of punishments to push them to act in six months or a year. So what sort of fiscal cliff will they set up next time?
Simpson-Bowles assumes the expiration of the Bush tax cuts for income over $250,000. It's built into their "plausible baseline." Having banked the revenue from those tax cuts, they then turn to tax reform.
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