A look at the GOP and Democratic party plans:
The latest proposal by Republicans on the congressional Joint Select Committee on Deficit Reduction (the "supercommittee") contains virtually no new revenue and deep cuts in Medicare and Medicaid. In those respects, it represents little change from earlier Republican budget proposals. It stands in contrast to last week's proposal from Senator Baucus and some other Democratic members of the joint committee, which offered significant concessions and marked a major departure from traditional Democratic positions.
Chart from TPM:
Compared to current policy — which assumes all the Bush tax cuts are extended — Republicans are offering a sliver of tax revenue so minuscule it might as well not exist. It’s unclear where this revenue comes from, but it is commensurate with the amount of revenue the Treasury would collect if the government changed the way it calculates inflation. If that’s the source, it’s a fairly regressive tax change.