Obama's Deficit Plan Includes Tax Code Overhaul

On Monday, President Barack Obama released a $3 trillion deficit reduction plan (PDF), including a new tax on millionaires, lower corporate tax rates and the closing of some tax loopholes and tax breaks.

Obama’s plan aims to cut the deficit by $3 trillion over 10 years in addition to more than $1 trillion in cuts already agreed to as part of the debt ceiling agreement from August. A bipartisan joint Congressional committee is working on a deficit reduction plan to follow up on that deal.

The plan includes structural reforms to Medicare and Medicaid, but does not raise the minimum age for Medicare eligibility. It depends in part on savings from the anticipated end to the Iraq and Afghanistan wars, as well as the changes to the tax code.
 
Read the full story at vscpa.com and sound off in the comments. Is the plan a good step toward reducing the deficit?