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The Washington, D.C.-based Bipartisan Policy Center’s Debt Reduction Task Force on November 17 released a 140-page report outlining a plan to reduce the federal debt to below 60 percent of GDP by 2020. The task force recommended eliminating a long laundry list of tax expenditures -- including the credit union tax exemption.

The plan, among other things, also includes a one-year payroll tax holiday; a 6.5 percent national sales tax to lower the national debt; a five-year freeze on defense spending; a four-year freeze on nondefense domestic spending; and reductions in farm program spending. The corporate tax rate would be lowered to 27 percent, and individual taxes would have only two rates -- 15 percent and 27 percent.