Peterson Foundation Statement on Passage of Senate Tax Bill
Peterson Foundation Statement on Passage of Senate Tax Bill
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on Senate passage of tax legislation. Peterson said:
“The Senate has squandered an opportunity to pass fiscally responsible tax reform. There are no credible estimates to show that this bill comes close to paying for itself, even when adding in economic feedback. Further, a number of major provisions are not permanent and the bill includes fiscal gimmicks that hide its true cost.
“Our national debt recently reached $20 trillion, and we are on track to add $10 trillion more over the next decade. With this fiscal outlook, the last thing we need is to pass legislation that makes matters worse.
“It is unfortunate that fiscal concerns have been cast aside in favor of passing the cost on to future generations. As lawmakers reconcile differences between the House and Senate versions, they still have an opportunity to improve the fiscal impact of this bill.”
Further Reading
Budget Basics: What Is the Child Tax Credit?
The CTC provides assistance to families with children, and while it represents a relatively modest part of overall government spending, it is one of the largest tax expenditures.
Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
What Are the Economic Costs of Child Poverty?
Child poverty is higher in the United States than in other wealthy countries. Studies show that it has quantifiable economic costs.