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.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences.
https://www.pgpf.org/analysis/2023/06/debt-ceiling-update-whats-at-stake
The Congressional Budget Office's latest Budget and Economic Outlook provides sobering new evidence that our nation's fiscal policies are on an unsustainable and uncertain path.
https://www.pgpf.org/analysis/analysis-of-cbo%E2%80%99s-budget-outlook-fiscal-years-2012-2022
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
In the waning days of 2012 and early hours of 2013, U.S. policymakers struggled with how to address the "fiscal cliff" — a set of scheduled tax increases and spending cuts that, if allowed to take effect, could have pushed the economy into another recession.
https://www.pgpf.org/analysis/past-the-cliff-but-not-out-of-the-woods
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.