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