T10-0247 - Bowles-Simpson Deficit Commission: Zero Plan Variant, Eliminate Payroll Tax Exclusions, Retain Child Tax Credit and Earned Income Tax Credit. Baseline: Current Law; Distribution by Cash Income Percentile, 2015
Preliminary distribution of 2015 federal tax change, by cash income percentile, from Option 1 as put forward by the co-chairs of the Obama fiscal reform commission. This table shows the distribution of a variant of the plan that would eliminate all tax expenditures except the Child Tax Credit and Earned Income Tax Credit, compared with current law. In addition to implementing the chairmen's plan, the proposal eliminates payroll tax exclusions from employer-sponsored health insurance, cafeteria plans, and employer retirement contributions.