Republicans on the Super Committee aiming for a deficit cutting plan by Thanksgiving have proposed a plan that would raise $300 billion in revenue. U.S. Sen. Mark S. Kirk (R-Ill.) is OK with that. Kirk would support the kind of reforms that came from the Simpson-Bowles Commission, which include a 15-cent hike in the tax on a gallon of gasoline, eliminating or restricting the home mortgage interest tax deduction and employer health care tax deduction, and raising the Social Security tax.
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“I am a Simpson-Bowles supporter,” Kirk said. “Simpson-Bowles is you wipe out all the lobbyist loopholes, then you use part of the revenue to lower the deficit, and part to drop the top rate from 39 to 29 percent.” While some Democrats rejected the proposal from Republicans on the Super Committee, U.S. Sen. Dick Durbin (D-Ill.), a member of the Simpson-Bowles Commission, is encouraged, calling it a breakthrough.