To The Editor:
The plot thickens when you read the two bills sponsored by Rep. Connie Mack.
He has been running around the country touting his "Penny Plan" to reduce the federal deficit. What he does not talk about is how the bill, HR1838, really works.
He also does not talk about the second bill, HR6358, that he sponsored to eliminate the capital gains tax.
The Penny Plan saves about #37 billion per year by freezing spending at current levels and cutting spending by 1 percent per year for six years.
The capital gains tax generates about $37 billion per year.
Connie Mack's Penny Plan and capital gains tax bill cancel each one out.
The fact is the Penny Plan eliminates cost-of-living raises from Social Security, government and military retirees and reduces the average
Social Security income by $826 per year (by the sixth year).
Mack's Capital Gains bill then gives most of that savings to the top 3 percent of the wealthiest people in the U.S.
Our retired military and government employees will get hit twice, once on their retirement and again on their Social Security.
The IRS says that over one-half of Mack's capital gains tax break will go to just 3 percent of the highest income earners in the country.
Mack's job for the past seven years has been to manage our money in Washington. He has not offered a single bill to reduce redundancy, or improve the efficiency of our government.
His Penny Plan bill does the same thing as similar "cut and cap" bills. It takes the responsibility for "doing your job" away from our representatives and gives them a great excuse when they harm critical programs,.
Now they can say "I really don't want to cut this program, but I have to because of the cap."
Roach is a Democratic candidate for Congress in District 14 in Southwest Florida in 2012. Rep. Connie Mack has announced he won't run for the Republican nomination for Congress but instead challenge incumbent U.S. Sen. Bill Nelson, a Democrat. Ed.