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New research initiative to explore the demographic, socioeconomic, and fiscal trends that will define America at mid-century
https://www.pgpf.org/press-release/2017/11/peterson-foundation-and-ford-foundation-launch-us-2050
"This tax legislation is increasingly irresponsible from a fiscal standpoint," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
The total cost of the Tax Cuts and Job Act is estimated to be $1.7 trillion between 2018 and 2027.
https://www.pgpf.org/blog/2017/11/what-the-interest-on-deficit-funded-tax-legislation-would-cost
The statutory tax rate is the percentage imposed by law; the effective tax rate is the percentage of income actually paid by an individual or a company after taking into account tax breaks.
"Like the House bill, the Senate proposal includes reforms that are neither permanent nor paid for, both of which impede the objective of growing the economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-senate-tax-bill
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
"Passing a bill to our kids is not the right way to pass a bill. This legislation is an example of fiscal irresponsibility," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-house-tax-bill
Washington is debating tax reform. There’s talk of substantial tax cuts that would give trillions of dollars back to American taxpayers. That might sound great to some. But if Congress doesn’t find a way to pay for those tax cuts, future generations will be stuck with the bill.
Even in a highly polarized political landscape, there is broad congressional support for reforming the U.S. tax code.
https://www.pgpf.org/what-we-are-doing/fiscal-summit/2017-fiscal-summit/the-tax-reform-opportunity
