The Tax Reform Tradeoff: The Cost of Keeping Expenditures
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
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Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
Washington is debating tax reform. There’s talk of substantial tax cuts that would give trillions of dollars back to American taxpayers. That might sound great to some. But if Congress doesn’t find a way to pay for those tax cuts, future generations will be stuck with the bill.
To help better inform the current debate over tax reform, the Tax Policy Center (with a grant from the Peterson Foundation) put real numbers behind different scenarios for tax reform that are both distributionally neutral and fiscally responsible.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
New research initiative to explore the demographic, socioeconomic, and fiscal trends that will define America at mid-century
https://www.pgpf.org/press-release/2017/11/peterson-foundation-and-ford-foundation-launch-us-2050
The legislation is fiscally irresponsible and will add significantly to America's national debt.
https://www.pgpf.org/analysis/congress-passes-costly-and-unfunded-tax-legislation
Tax expenditures are often "spending in disguise" because they are used by Congress to direct resources to specific constituencies and priorities — much like spending programs.
https://www.pgpf.org/analysis/the-debate-over-tax-expenditures
The report focuses on the fiscal conditions in six heavily populated states which together account for a third of the nation's population and almost 40 cents of every dollar in spending by state and local governments.
https://www.pgpf.org/analysis/state-budget-crisis-task-force