The 2011 edition of the “Gang of Six” made their proposed debt reduction proposal today, take a look here.

Since I have only had a few moments to review the proposal, I have only formed an early opinion. My initial reaction is so far so good! The numbers are $3.7 trillion in total cuts and $500 billion in immediate cuts. This bipartisan measure seems to focus on spreading the tax base which allows us to increase revenue by $1 trillion yet lower marginal rates for everyone. The new highest income tax rate would be 29%. This bill sets up three tax brackets and abolishes the Alternative Minimum Tax (worth $1.7 trillion) The legislation also reforms enitlement spending and cuts from discretionary spending from every department.

I feel like this really is a fair and balanced compromise. (By this I do not mean a “Fox News compromise.”) Let me know what you guys think about this deficit plan. Judging from the comments on the last post I am sure we will have a number of varying views so go ahead and sound off on this!