|Published:||Nov 18, 2010 6:00 AM EST|
|Updated:||Nov 18, 2010 1:27 AM EST|
FLORIDA - Imagine making a big purchase, like a car, and having to pay nearly double the sales tax on it. That's part of a plan by the Bipartisan Policy Center to pay down the $13.7 trillion debt, and it's getting some serious backing.
The idea is to add a 6.5 percent national sales tax to all taxable items. For us, that would mean over $13 on every $100 spent.
But, the flipside to the plan is many would enjoy an income tax reduction, putting more money back in your paycheck.
Other key elements to the plan:
-The cost of living increases for social security would be reduced
-Medicare premiums for doctor visits would increase
-The deductions for mortgage interest and charitable contributions would go away in favor of a smaller credit
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