Who Needs a Super-Committee?
2011-08-16 - by
We already had one: the commission chaired by Erskine Bowles and Alan Simpson. Here’s a link to their report, The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform.
Since Bowles is a straight shooter and Simpson a plain speaker, I was curious what they say about taxes, which appears to be the only difference between Obama and the Republicans.
Among their six major recommendations:
“Comprehensive Tax Reform: Sharply reduce rates, broaden the base, simplify the tax code, and reduce the deficit by reducing the many ‘tax expenditures’—another name for spending through the tax code. Reform corporate taxes to make America more competitive, and cap revenue to avoid excessive taxation.”
On page 31 that, they recommend that Congress:
“Dedicate $80 billion to deficit reduction in 2015 and $180 billion in 2020. In addition to reducing rates, reform must be projected to raise $80 billion of additional revenue (relative to the alternative fiscal scenario) in 2015 and $180 billion in 2020. To the extent that the dynamic effects of tax reform result in additional revenue beyond these targets, excess funds must go to rate reductions and deficit reduction, not to new spending.”
That’s delicately worded, but I read it to say: yes, raise taxes. Can that happen in this superheated political climate?
Who Needs a Super-Committee?
2011-08-16/
We already had one: the commission chaired by Erskine Bowles and Alan Simpson. Here’s a link to their report, The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform.
Since Bowles is a straight shooter and Simpson a plain speaker, I was curious what they say about taxes, which appears to be the only difference between Obama and the Republicans.
Among their six major recommendations:
“Comprehensive Tax Reform: Sharply reduce rates, broaden the base, simplify the tax code, and reduce the deficit by reducing the many ‘tax expenditures’—another name for spending through the tax code. Reform corporate taxes to make America more competitive, and cap revenue to avoid excessive taxation.”
On page 31 that, they recommend that Congress:
“Dedicate $80 billion to deficit reduction in 2015 and $180 billion in 2020. In addition to reducing rates, reform must be projected to raise $80 billion of additional revenue (relative to the alternative fiscal scenario) in 2015 and $180 billion in 2020. To the extent that the dynamic effects of tax reform result in additional revenue beyond these targets, excess funds must go to rate reductions and deficit reduction, not to new spending.”
That’s delicately worded, but I read it to say: yes, raise taxes. Can that happen in this superheated political climate?