By Heidi Przybyla and Brian Faler
Nov. 9 (Bloomberg) -- Democrats criticized a Republican plan to cut the U.S. deficit by overhauling the tax code, as a Democratic staff analysis said it would lower rates for high- income Americans while raising taxes on the middle class.
The plan would provide a “significant tax cut for those with income above $200,000,” according to the analysis provided by a congressional aide who wasn’t authorized to speak publicly.
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Senator John Kerry, a Massachusetts Democrat on Congress’s debt-cutting supercommittee, rejected the plan today, saying, “We have a big gap with respect to where we are on revenues.” The Republicans’ proposal “will not work -- we’ve told them that very directly,” he said.
“This is not complicated: they’ve got to put real revenue on the table in a way that helps us get the job done,” said Kerry. Supercommittee Democrats want more than $1 trillion in additional revenue.
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