As the Senate Finance Committee looks to take up tax reform, one of the higher ranking members on the Committee who will likely shape the process is Sen. Ron Wyden (D-OR), who has already authored a bipartisan tax reform plan with Sen. Dan Coats (R-IN). In today's Oregonian, Wyden's predecessor, former Senator and CRFB boardmember Bob Packwood (R-OR) expains the need for a rewrite of our nation's complicated and ineffective tax code.
In the midst of our slow economic recovery, both the public and our Congressional leaders alike can too easily narrow their field of vision to solely short-term concerns, like our 7.6 percent unemployment rate and modest economic growth, or focus solely on long-term problems like our debt path. Some fear that Congress will ultimately end up choosing one or the other, improving today's economy or our long-term prospects.
Today, Fiscal Commission co-chairs and CRFB board members Erskine Bowles and Alan Simpson published an op-ed in Politico reiterating their support for the Senate Finance Committee's "blank slate" proposal for tax reform. As we have explained before, the "blank slate" approach would start by removing all specific tax preferences from the tax code and require lawmakers to jus
Should Social Security cost-of-living adjustments (COLAs) be trimmed? In a recently released CQ Researcher Report focusing on government spending, CRFB Senior Policy Director Marc Goldwein answers yes, if that means that COLAs better reflect inflation.
The lead up to July 4th brought an exciting development in fiscal policy discussions: a commitment from Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) to use a "Blank Slate" approach in tax reform.
In a Brookings Institution piece, CRFB board member and former Representative Bill Frenzel (R-MN) addressed the next biggest item emerging on the Congressional agenda: tax reform and its relation to the national debt. Senate Finance Chairman Max Baucus and his Republican counterpart, Sen.
Today, on The New York Times' Economix blog, former Chair of the Council of Economic Advisers and CRFB board member Laura Tyson discusses the possible benefits of enacting a carbon tax. Along with reducing emissions, a goal cited by many of its supporters, a carbon tax could substantially reduce deficits and simplify the tax code.
In an article from The New England Journal of Medicine, CRFB board member Alice Rivlin along with former Senators Tom Daschle, Pete Domenici, and William Frist, leaders of the Bipartisan Policy Center's Health Care Cost Containment Initiative, present a brief summary of their plan to strengthen the U.S. health care system.
With the G8 summit over and the G20 summit approaching, CRFB board member and former chair of the Council of Economic Advisors Laura Tyson takes a look at one area that has been discussed as being ripe for reform: our corporate tax code. Despite taking in less revenue as a share of GDP than many other industrialized nations, we also have the highest statutory tax rate of those countries.
At times, the fiscal debate can be confusing, as it is often set up as a simplistic contest between an argument for austerity against an argument for stimulus. However, the budget debate is much more complex than that, and many positions, including CRFB's, do not fit strictly into one of those two categories.