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NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on tax legislation that has passed the full House of Representatives and the Senate Finance Committee. Peterson said:
“This tax legislation is increasingly irresponsible from a fiscal standpoint. The House and Senate have added budgetary gimmicks that hide the true cost of the bill and diminish its effectiveness in growing the economy.
“Our tax code needs simplification, but arbitrary phase-ins and expirations add complexity and obscure the full impact to our national debt. Temporary provisions that sunset early simply push off hard decisions and set up future Congresses to increase deficits further.
“And certainty is a critical factor in making reforms pro-growth. If tax changes aren’t permanent, businesses and families can’t plan and invest for the future, so the benefit to the economy is diminished.
“It’s also unfortunate that both the House and the Senate are moving forward without bipartisan support. Lawmakers should work across party lines on fiscally responsible tax reform, free of budget gimmicks, that grows the economy, not the debt.”