Some Democrats on the congressional supercommittee are proposing a $2.3 trillion deficit-reduction plan with equal amounts of spending cuts and tax increases.
The Democratic proposal includes a so-called trigger that would raise $650 billion if the U.S. tax code isn't revamped by Jan. 1, 2013, according to a document party members are circulating. Tax writers would receive instructions to cap individual tax rates at 35 percent, overhaul corporate taxation and maintain the progressivity currently in the code.
Democrats presented this offer to Republicans on Nov. 7 at a meeting at which Republican Pat Toomey of Pennsylvania outlined a proposal that included some net tax increases, according to a Republican aide and a Democratic aide familiar with the plans.
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