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The Super Committee has until November 23 to vote on a package to reduce the federal budget deficit by $1.2 trillion over 10 years.

What is a “Super Committee”?

Timeline

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Proposals

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Tax
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To amend the Internal Revenue Code of 1986 to impose increased rates of tax with respect to taxpayers with more than $1,000,000 taxable income, and for other purposes.

Source: Congressional Progressive Caucus

#hr1124/112

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$873 B

55%45%

1505 total users

Tax
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Imposes a 5.6% surtax on income over $1 million, reducing the deficit by $453 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by the House Ways and Means Committee minority.

Source: House Ways & Means Minority

#MillionaireTax

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$453 B

66%34%

1306 total users

Tax
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Implements a tax on swaps (taxed at 0.01% per year to maturity), a tax of 0.01% on each side of futures and forwards transactions, a 0.5% tax on option premiums (the right to purchase a stock at a set price at a future date), 0.01% tax on all foreign exchange spot transactions. This proposal, which would reduce the deficit by $432 billion over 10, may be considered by the Super Committee and was proposed by the Congressional Progressive Caucus.

Source: Congressional Progressive Caucus

#SpeculationTax

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$432 B

76%24%

692 total users

Tax
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Limits the tax rate applied to itemized deductions and tax preferences to 28% from the current maximum of 35%, reducing the deficit by $410 billion over 10 years.

Source: The President’s Proposal

#CharitableDeduction

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$410 B

60%39%

689 total users

Tax
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Beginning in 2013, reduce the maximum mortgage eligible for the deduction by $100,000 annually through 2018 (bringing it from $1.1 million in 2012 to $500,000 in 2018). This option would also convert the deduction to a tax credit and apply it only to interest on mortgages below this reduced limit ($500,000). The deduction would convert to a 15% tax credit for interest paid under this cap. This proposal would reduce the deficit by $390 billion over ten years. This is a proposal the Super Committee may be considering and was proposed by Taxpayers for Common Sense.

Source: Taxpayers for Common Sense

#MortgageDeduction

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$390 B

74%26%

602 total users

Tax
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To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.

Source: Joint Committee on Taxation

#hr3313/112

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$353 B

69%31%

137 total users

Government Reform
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Ties cost of living determinations for federal benefits and taxes to the Bureau of Labor Statistics' "chained" Consumer Price Index, which grows more slowly than the standard CPI, reducing the federal deficit by $299 billion over ten years.

Source: Bowles-Simpson recommendations

#ChainedCPI

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$299 B

33%66%

513 total users

Health
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#Medicare #Premiums
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Raises Part B premiums from 25% to 35% of costs (5-year phase-in), reducing the deficit by $240 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed in the Lieberman-Coburn Plan.

Source: Lieberman-Coburn Health Proposal

#Medicare #Premiums

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$240 B

23%77%

572 total users

Financial Services
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Disposes of the approximately $123 billion in TARP investments that remain outstanding, a large majority of which is stock in AIG and the automotive industry. This proposal reduces the deficit by $166 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by Americans for Prosperity.

Source: Americans for Prosperity

#TARPAuction

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$166 B

85%15%

546 total users

Health
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Raises the Medicare eligibility age to 67 between 2014 and 2025, reducing the deficit by $124 billion over ten years.

Source: Lieberman-Coburn Health Proposal

#MedicareAge

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$124 B

39%60%

524 total users

Tax
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Reinstates the 2009 Estate Tax rate, which exempts up to $3.5 million in assets, and taxes assets in excess of the cap at 45%. This proposal reduces the deficit by $106 billion over 10 years.

Source: The President’s Proposal

#EstateTax

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$106 B

64%36%

642 total users

Government Reform
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Reduce the scheduled salary increase for all federal workers by a half percentage point each year and cut the federal civilian workforce by 10 percent, using attrition (hiring only two new workers for every three who leave service) instead of layoffs. This proposal would reduce the deficit by $100 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by Americans for Prosperity.

Source: Americans for Prosperity

#FedEmployees

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$100 B

75%25%

668 total users

Defense
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Caps non-Department of Defense service contracts at $41.1 billion, or roughly 85 percent of FY 2010 levels, reducing the deficit by $73 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by the Project on Government Oversight.

Source: Project on Government Oversight

#non-DoD #Contractors

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$73 B

89%10%

488 total users

Tax
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Imposes a leverage tax (0.15% of covered liabilities) on large banks with more than $50 billion in assets, reducing the deficit by $71 billion over 10 years.

Source: Congressional Progressive Caucus

#FinancialCrisisFee

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$71 B

72%28%

508 total users

Health
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Implements a $550 deductible, 20% co-pay up to $5500, 5% co-pay up to $7500 and a catastrophic cap above that, reducing the deficit by $70 billion over ten years. This is a proposal the Super Committee may be considering and was proposed in the Lieberman-Coburn Health Proposal.

Source: Lieberman-Coburn Health Proposal

#Medicare #CoPay

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$70 B

26%74%

265 total users

Health
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#TortReform
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Requires states to cap non-economic damages for medical malpractice at $250,000, reducing the deficit by $62 billion over ten years. This is a proposal the Super Committee may be considering and was proposed in the House Republicans Road Map Plan.

Source: House Republicans Road Map Plan

#TortReform

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$62 B

68%32%

439 total users

Tax
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Requires employers to keep records of non-employees who perform labor or services for remuneration and to provide a special penalty for employers who misclassify employees as non-employees.

Source: House Education & Labor Committee Minority

#hr3178/112

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$57 B

60%40%

388 total users

Agriculture
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Eliminates commodity crop subsidies, reducing the deficit by $51 billion over ten years. This is a proposal the Super Committee may be considering and was proposed by Taxpayers for Common Sense.

Source: Taxpayers for Common Sense

#Crop #Subsidies

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$51 B

96%4%

785 total users

Financial Services
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Legalizes, regulates and taxes Internet gambling.

Source: House Financial Services Committee Minority

#hr1174/112

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$42 B

81%18%

1107 total users

Tax
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Repeals tax preferences for oil and gas beginning in 2013, including: 1) the use of percentage depletion with respect to oil and gas wells; 2) ability to claim the domestic manufacturing deduction; 3) expensing of intangible drilling costs; 4) deduction for tertiary injectant; 5) the exception to passive loss limitations; and 6) two-year amortization of independent producers’ expenditures. Reduces the deficit by $42 billion over ten years.

Source: President’s proposal

#Oil #Gas

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$42 B

77%23%

793 total users

Health
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Reduces payments to home health and skilled nursing facilities, reducing the deficit by $42 billion over ten years.

Source: President’s proposal

#PostAcute

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$42 B

18%82%

280 total users

Defense
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Caps routine U.S. military presence in Europe at 35,000 troops and reducing force structure accordingly, reducing the deficit by $30 billion over ten years. This is a proposal the Super Committee may be considering and was proposed by the Project on Government Oversight.

Source: Project on Government Oversight

#Troop #Withdrawal

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$30 B

96%4%

465 total users

Aviation
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Implements a “per one-way trip” fee structure and a statutory fee minimum of $5.00, with annual incremental increases of 50 cents from 2013 to 2017, resulting in a fee of $7.50 in 2017 and thereafter. This proposal the Super Committee may be considering would reduce the deficit by $24.9 billion over ten years and was proposed by the President.

Source: President’s proposal

#AviationFees

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$25 B

27%73%

281 total users

Financial Services
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Implements a risk-based fee on financial companies with assets greater than $50 billion and hedge funds greater than $10 billion and directing all monies collected to reducing the federal deficit, reducing the deficit by $20 billion over ten years. This is a proposal the Super Committee may be considering and was proposed by the House Financial Services Committee minority.

Source: House Financial Services Minority

#BigBankFee

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$20 B

73%27%

422 total users

Tax
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Re-imposes an excise tax of $0.22 to $4.87 per ton on various chemicals, an excise tax of 9.7 cents per barrel of crude or refined petroleum, and a corporate income tax of 0.12% on modified alternative minimum corporate income above $2 million, reducing the deficit by $18 billion over ten years.

Source: President’s proposal

#Superfund

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$18 B

59%41%

379 total users

Health
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Implements TRICARE pharmacy co-pay adjustments, to bring in line with other federal programs, reducing the deficit by $17 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by the President.

Source: The President’s Proposal

#TRICARE

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$17 B

37%63%

409 total users

Tax
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The net federal unemployment tax on employers dropped from 0.8% to 0.6% for wages paid after June 30, 2011. This plan would extend the 0.8% rate permanently, reducing the deficit by $15 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by the President.

Source: President’s proposal

#Unemployment #Tax

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$15 B

55%45%

264 total users

Tax
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Treats income on management fees by hedge fund managers as regular income rather than as a capital gains, reducing the deficit by $12.5 billion over ten years.

Source: President’s proposal

#CarriedInterest

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$13 B

81%19%

553 total users

Defense
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Retires the USS George Washington in 2016 and accordingly reducing Navy force size by 5,600 sailors, reducing the deficit by $7 billion over 10 years. This is a proposal the Super Committee may be considering and was proposed by the Project on Government Oversight.

Source: Project on Government Oversight

#Defense #Aircraft

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$7 B

54%46%

491 total users

Wireless Spectrum
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Establishes the sense of Congress that Congress should enact, and the President should sign, bipartisan legislation to strengthen public safety and to enhance wireless communications.

Source: Energy & Commerce Committee Minority, the President's proposal, and the Republican Budget

#s911/112

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$6 B

68%32%

369 total users

Health
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Limits the ability for brand name drug companies to pay generics manufacturers to delay their entry into the market

Source: Energy & Commerce Committee Minority and the President's Plan

#s27/112

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$3 B

92%8%

581 total users

Financial Services
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Improves the circulation of $1 coins, to remove barrier to the circulation of such coins, and for other purposes, reducing the deficit by $1.8 billion over ten years. This is a bill in Congress and the Super Committee may be considering it.

Source: Rep. David Schweikert

#hr2977/112

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$1.8 B

76%24%

440 total users

Government Reform
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To direct the Secretary of the Interior to sell certain Federal lands in Arizona, Colorado, Idaho, Montana, Nebraska, Nevada, New Mexico, Oregon, Utah, and Wyoming, previously identified as suitable for disposal, and for other purposes.

Source: Rep. Chaffetz

#hr1126/112

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$1 B

63%37%

377 total users

What is the “Super Committee”?

The “Super Committee” was established in the Budget Control Act of 2011 and is charged with issuing a formal recommendation on how to reduce the deficit by at least $1.5 trillion over the next ten years.

If the Super Committee fails to submit a proposal that wins Congressional approval by December 23, $1.2 trillion in across-the-board cuts will be triggered in January 2013.

The panel is officially called the Joint Select Committee on Deficit Reduction. It is comprised of six Senators (three Republicans and three Democrats) and six Members of the House of Representatives (three Republicans and three Democrats). The Super Committee proposal must be approved by at least seven of the twelve members of the committee by November 23 and then must receive an “up-or-down” vote (no amendments) in the House and Senate before December 23, 2011.

According to the Washington Post, “Super Committee members have discussed a two-stage process that would first cut entitlement spending and close several tax loopholes . . . Then, the tax-writing committees in the House and Senate would be instructed to overhaul the tax code to lower rates and raise sufficient additional revenue to meet the committee’s overall target.”

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All Proposals

Auction New Spectrum
Auction Remaining TARP Assets
Currency Optimization, Innovation, and National Savings Act
Cut Aircraft Carriers from 11 to 10 and Navy Wings from 10 to 9
Dispose of Excess Federal Lands
Eliminate Commodity Crop Subsidies
Employee Misclassification Act
End Oil and Gas Tax Preferences
Fairness in Taxation Act
Impose a Big Bank Fee
Impose a Financial Crisis Responsibility Fee
Impose a Millionaires Tax
Impose a Tax on Certain Trading Transactions
Increase Aviation and Security Fees
Increase TRICARE Drug Co-pays
Limit Itemized Deductions and Tax Preferences to 28%
Make the 0.8% Unemployment Insurance Tax Permanent
Modify the Mortgage Interest Deduction
Preserve Access to Affordable Generics
Raise Medicare Cost-sharing
Raise Medicare Premiums
Raise the Medicare Eligibility Age
Reduce Post-Acute Care Payments
Reduce Spending on Non-DoD Federal Service Contractors by 15%
Reform and Reduce the Federal Workforce
Regulate and Tax Internet Gambling
Reinstate the 2009 Estate Tax Rate
Reinstate the Superfund Tax
Tax Carried Interest as Ordinary Income
Tax Derivatives and Speculation
Tort Reform
Use Chained CPI for Cost of Living Adjustments
Withdraw 20,000 Troops from Europe