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Tax reform done right will promote economic growth, increase fairness and simplicity, and improve the nation’s fiscal outlook.
The budgetary and economic effects of proposed tax legislation are a critical element of the debate.
Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but provide long-run economic benefits for American families (in terms of real GNP growth) without inflicting undue damage on the U.S. economy in the near term.
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.