Tax Reform Archive

Tax Brackets and Balanced Budgets

By John Lumbard.   Washington has abruptly backed away from a proposal to extend the Bush tax cuts for middle and low-income taxpayers, while bumping the rates for higher-income taxpayers back to the levels of the 1990s.  Both parties were using the debate to score political points---they were trying to box their opponents into positions...
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The Freshmen 50

The Internet is a big place.  Yesterday Jim Schaefer stumbled upon The Freshmen 50 , which describes itself as an independent political action committe, "unaffiliated with any political party, group, or lobby", whose sole mission is to put "50 new fiscally and legislatively responsible citizens into the House Of Representatives in 2010."  The founder, Brian...
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Tax Reform

"A Bipartisan Plan for Tax Reform", from Senators JUDD GREGG (R - NH) and RON WYDEN (D - Oregon): "By streamlining and modernizing the outdated tax code, our proposal would eliminate many of the specialized tax breaks that currently benefit one group of Americans over another. The changes we propose will create...
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Constituents Calling

"If interest rates are at 10% when the net federal debt hits $10 trillion (roughly two years from now), we will find ourselves paying $1 trillion per year in interest.” "Interest would vault over medical care to become the largest item in the federal budget.  $1 trillion is $8,547 per household,...
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A Pledge of Fiscal Responsibility

(To be taken by candidates for federal office) I pledge that, if elected, I will introduce legislation to establish: A Balanced-budget amendment to the Constitution, with appropriate exceptions for times of war and recession. A line-item veto, to give the President a fighting chance to eliminate pork and earmarks. Term Limits, of any durations...
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$175,000 per person

“To deliver on all the government’s obligations and promises we’d need $175,000 per person right now.” –The Concord Coalition That’s $53 trillion. It includes both the existing debt and the future unfunded cost of entitlements such as Medicare and Social Security. Bashing Bush/Obama might be our national pastime, but it’s the Congress that...
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