Peterson Foundation Statement on New Round of Tax Cuts

NEW YORK — Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, commented today on new deficit-financed tax legislation introduced in the House of Representatives:
“Another round of tax cuts financed with borrowed money is doubling down on fiscal irresponsibility. Instead of digging the hole deeper and passing even more debt to our children, lawmakers should implement reforms that actually improve our unsustainable fiscal outlook.
“The reason that these provisions were not permanent in the first place was that we could not afford it. What has changed? Our deficits have only gotten worse. The administration recently acknowledged that we have returned to trillion-dollar annual deficits, and we’ll remain above that level as far as the eye can see.
“Tax cuts simply don’t pay for themselves. America’s future economy depends on a strong fiscal foundation, and more debt is the last thing we need.”
Further Reading
A Gas Tax Holiday Costs Billions, But Consumers See Only Marginal Savings
If the full savings from the gas tax holiday were passed on to consumers, the average licensed driver would only save approximately $8.90 per month.
What Are Excise Taxes and How Do They Affect the Federal Budget?
Excise taxes are levied on specific goods or services. The largest excise taxes on the federal level are related to highways, aviation, tobacco, and alcohol.
The United States Spends More on Defense than the Next 6 Countries Combined
Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world.