The proposal marks the first time Republican leaders other than Boehner have explicitly and publicly backed new tax revenue. In addition to Boehner, the letter is signed by Majority Leader Eric Cantor (Va.), Whip Kevin McCarthy (Calif.), Ways and Means Chairman Dave Camp (Mich.) and Budget Committee Chairman Paul Ryan (Wis.). The proposal calls for $800 billion in higher tax collections through an overhaul of the tax code next year that would push the top rate below the current level of 35 percent and raise cash by wiping out loopholes and deductions.
The plan also seeks $600 billion in health savings. One option, GOP aides said, would be raising the Medicare eligibility age from 65 to 67
. It also includes $300 billion in savings from other mandatory programs, such as farm subsidies. And it would save $200 billion by applying a less generous measure of inflation government wide, including to Social Security benefits,
which would rise more slowly as a result.