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Conrad preparing plan that would slash federal budget by $4 trillion

Published 05/03/2011, Associated Press

Budget Committee Chairman Kent Conrad, D-N.D., said the plan calls for a complete overhaul of the tax code — stripping out numerous tax write-offs while lowering income tax rates — but would leave Social Security untouched. The tax reform idea would generate an overall revenue increase of about $1 trillion over the coming decade.

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