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Schakowsky deficit plan would sock the rich

U.S. Rep. Jan Schakowsky of Evanston today called for eliminating tax breaks for capital gains and dividends and ending a variety of corporate tax benefits.

Schakowsky, who’s one of 18 members of a bipartisan fiscal commission appointed by the president, said she disagrees with proposals made last week by the commission’s co-chairs.

U.S. Rep. Jan Schakowsky of Evanston today called for eliminating tax breaks for capital gains and dividends and ending a variety of corporate tax benefits.

Schakowsky, who’s one of 18 members of a bipartisan fiscal commission appointed by the president, said she disagrees with proposals made last week by the commission’s co-chairs.

Their plan, she said, would hurt lower and middle income Americans in several ways, including by reducing Social Security benefits.

Schakowsky instead proposes increasing social security taxes to fund benefits at current levels and possibly increase some benefits in the future.

She proposes increasing revenue by $151 billion, mostly through higher taxes on corporations and their executives, saving $132 billion by eliminating tax breaks that mainly benefit corporations and making $111 billion in cuts to defense spending.

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