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GOP makes new offer on taxes, Medicare cuts

With a Thanksgiving deadline fast approaching, the GOP members of a deficit-reduction supercommittee are pressing a plan to cut the deficit by about $1.5 trillion over the coming decade, showing flexibility on tax revenue increases for the first time while proposing to gradually raise the Medicare eligibility age to 67...

By Andrew Taylor | Updated on November 08, 2011

WASHINGTON (AP) — With a Thanksgiving deadline fast approaching, the GOP members of a deficit-reduction supercommittee are pressing a plan to cut the deficit by about $1.5 trillion over the coming decade, showing flexibility on tax revenue increases for the first time while proposing to gradually raise the Medicare eligibility age to 67 for future retirees.

The plan floated by Republicans, including tea party favorite Sen. Pat Toomey of Pennsylvania, would place sharp limits on the total amount of tax deductions and credits that a person could claim, in exchange for significantly lower income tax rates. At the same time, Republicans are willing to accept a net increase in individual income tax revenues of about $300 billion over the coming decade.

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