Gang of Six (Three Republicans) Pushing $1 Trillion in New Taxes

The Republicans are doing a great job of killing their 2012 election chances. With Obama on the ropes and his unpopularity at an all time high, members of the Republican party are doing absolutely stupid things that will ensure Obama gets reelected having learned nothing from the 1992 political catch phrase, "read my lips, no new taxes."

With Obama's name clearly to blame for the current economy in American thanks to nearly $1 trillion in failed stimulus, the GOP can't do enough to place their label next to Obama's. And this is so apparent when you look at the Gang of Six.

The "Gang of Six" briefed other senators on the group's plan after a seemingly quixotic quest that took months, drew disdain at times from the leaders of both parties and appeared near failure more than once.

It calls for deficit cuts of slightly less than $4 trillion over a decade and includes steps to slow the growth of Social Security payments, cut at least $500 billion from Medicare, Medicaid and other health programs and wring billions in savings from programs across the face of government.

It envisions tax changes that would reduce existing breaks for a number of popular items while reducing the top income bracket from the current 35 percent to 29 percent or less.

The tax overhaul "must be estimated to provide $1 trillion in additional revenue to meet plan targets," according to a summary that circulated in the Capitol.

A trillion dollars in new taxes! While the economy is bad? While the housing market is bad?

Let me explain where this is coming. These tax changes include killing the home mortgage deduction and other loopholes, which was explained earlier today.

This is what the Gang of Six is going to take away from the American people at tax time to come up with their $1 trillion.