
The Tax Reform Tradeoff: The Cost of Keeping Expenditures
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
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Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
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.
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
As the large baby boom generation enters retirement and Americans continue to enjoy longer lifespans, more and more individuals will collect benefits from the system and for longer periods, while relatively fewer workers will contribute taxes to support it.
https://www.pgpf.org/analysis/2017/07/trustees-warn-social-security-in-financial-trouble