The Tax Reform Tradeoff: Eliminating Tax Expenditures, Reducing Rates
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
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The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
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
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 total cost of the Tax Cuts and Job Act is estimated to be $1.7 trillion between 2018 and 2027.
https://www.pgpf.org/blog/2017/11/what-the-interest-on-deficit-funded-tax-legislation-would-cost
Even in a highly polarized political landscape, there is broad congressional support for reforming the U.S. tax code.
https://www.pgpf.org/what-we-are-doing/fiscal-summit/2017-fiscal-summit/the-tax-reform-opportunity
U.S. Treasury Secretary Steven T. Mnuchin told Harwood that the president is prioritizing comprehensive tax reform as a key part of boosting growth.
https://www.pgpf.org/what-we-are-doing/fiscal-summit/2017-fiscal-summit/steven-mnuchin
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
"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
"The potential addition of a revenue trigger is the latest in a list of fiscal gimmicks that are being included in this bill," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-senate-tax-bill-0
While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.