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NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today after the White House released the outline of President Trump’s tax plan:
"The administration’s tax blueprint released today begins an important conversation about ways to improve our tax system. From both a fiscal and economic standpoint, tax reform is essential. We have the opportunity to make the tax system simpler, fairer, and more pro-growth, while also improving our fiscal outlook.
"As Congress and the administration debate these issues, we must keep in mind the impact to our national debt. The debt is already at its highest level since 1950 and is projected to grow rapidly in the years ahead. Over the last eight years, we added $7 trillion to the national debt, and over the next eight years we are set to borrow another $7 trillion. By 2023, we’ll be back to trillion-dollar annual deficits under current law.
"Reforming taxes in a way that worsens our fiscal condition is counterproductive because adding to our national debt hurts economic growth. Tax changes that increase the deficit would harm the economy by raising interest costs, reducing wages and crowding out public and private investments in our future.
"There are many ways to reform our tax code while also improving America's fiscal outlook. Moving forward, Congress and the administration should work across party lines on responsible tax reform that provides a sustainable fiscal foundation for economic growth and prosperity."