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.
The U.S. collects less revenue as a share of GDP than several other high-income countries such as Japan, Canada, the United Kingdom, and Germany.
https://www.pgpf.org/blog/2016/04/the-us-tax-burden-is-low-compared-to-most-advanced-economies
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
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
“Piecemeal budgeting is a form of fiscal irresponsibility because it injects uncertainty and unpredictability into our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
"In just the next decade, this tax bill could add more than $2 trillion to our national debt, which is already $20 trillion and growing," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/12/peterson-statement-on-tax-bill-conference-committee
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.
“After adding trillions to our national debt in last year’s irresponsible tax bill, our leaders are now adding another $300 billion in deficits over just the next two years," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2018/02/peterson-foundation-statement-on-budget-deal
Independent analyses agree unanimously that either bill would add significantly to the growing national debt.
https://www.pgpf.org/blog/2017/12/poll-voters-say-that-tax-reform-shouldn%E2%80%99t-grow-the-debt
With the election in the rearview mirror, a number of important fiscal and economic policy issues continued to simmer throughout November.
https://www.pgpf.org/blog/2016/12/the-fiscal-month-in-review-trump%E2%80%99s-fiscal-agenda