The Obama administration’s tax policy is straightforward: they want to let the tax cuts for income over $250,000 expire, but make the tax cuts for income under $250,000 permanent. That means they want to make about 80 percent of the Bush tax cuts permanent. Perhaps, in that world, we don’t need to scrap Medicare. Perhaps, in that world, we only need to scrap most of Medicare. But that world is a lot closer to Romney’s world than it is to a world in which there is adequate revenue to pay for our core commitments.
(including BPC chart)