• Media Video 2011 10 Reforming Revenuesx

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    Reforming Taxes and Raising Revenue: Part of the Fiscal Solution

    Revenue increases will be an important component of any sustainable resolution to the fiscal problem facing the United States

    Introduction: This report from the Tax Policy Center argues that tax reform needs to be part of a sustainable response to our fiscal challenges. It looks at revenue reforms including broadening the income tax base, establishing a consumption tax, and bringing energy taxation in line with the modern economy.


    Long-Term Implications of the Budget Control Act of 2011

    This summer, the Congress passed and the president signed the Budget Control Act of 2011 (BCA) that put in place a process for reducing the deficit. The BCA imposed caps on future discretionary spending and empowered a bipartisan, bicameral committee (the “Supercommittee”) to identify additional deficit reduction by Thanksgiving. Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.



    In order to balance our budget and reduce the amount of debt the government takes on each year, we must match the level of government revenues with the level of spending. Currently, the government spends approximately $3.5 trillion a year, which is far more than the approximately $2.1 trillion it collects in taxes. This imbalance between spending and tax revenues is expected to continue, and even grow, over the next several decades. By 2040, revenues will only cover half of total spending.


    Peter G Peterson Foundation Releases New Health Care Reform Study

    NEW YORK (October 30, 2009) - A study commissioned by the Peter G. Peterson Foundation on S. 1796, America's Healthy Future Act of 2009 (the "Act") confirms the Congressional Budget Office (CBO) analysis that the bill, as passed by the Senate Finance Committee, could result in slightly lower deficits if it is implemented as intended and remains unchanged. The study, conducted by The Lewin Group, mirrors ths findings that new revenues and savings under the bill, would exceed new spending.


    National Commission on Fiscal Responsibility and Reform

    The Co-Chairs of the President’s National Commission on Fiscal Responsibility and Reform, Erskine Bowles and Alan Simpson, released a draft of their recommendations for deficit reduction and debt stabilization on November 10, 2010. This “Chairmen’s Mark” represents the starting point for the 18-member Commission’s efforts to report out a final package of recommendations, which are due December 1.


Fiscal Confidence Index

Survey: Modeled after the Consumer Confidence Index, the Fiscal Confidence Index is a monthly national survey that measures public opinion about the national debt.

The Tax Reform Opportunity

Video: Our tax code is complex, unfair, and insufficient. Learn more about the opportunity we have to reform and improve tax policy.