A look at the day’s political happenings, including what a new analysis says about your tax rates today, the Kennedy Center Honors for 2012 will be awarded and Nate Silver responds to Politico’s criticism.
The president says he wants $1.6 trillion in tax hikes. Republicans say they won’t raise tax rates but might be willing to close some loopholes and limit some deductions and tax credits. Is compromise in the air?
Assuming the goal is $4 trillion of deficit reduction over the next decade (that’s the consensus of the Simpson-Bowles commission, the Congressional Budget Office, and most independent analysts), here’s what the President should propose.