In order to balance our budget and reduce the amount of debt the government takes on each year, we must match the level of government revenues with the level of spending.
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According to the Joint Committee on Taxation, the provisions in this agreement will add $374.2 billion to the deficit in 2011, and $857.8 billion to the deficit by 2020.
The report focuses on the fiscal conditions in six heavily populated states which together account for a third of the nation's population and almost 40 cents of every dollar in spending by state and local governments.
Tax expenditures are often "spending in disguise" because they are used by Congress to direct resources to specific constituencies and priorities — much like spending programs.
Why Reform Our Corporate Tax Code?
While there is disagreement on specific remedies, there is broad consensus that our current tax code is broken.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
The legislation is fiscally irresponsible and will add significantly to America's national debt.
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 paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.