Posts Tagged ‘deficit super committee’

The Tax Vox 2011 Lump of Coal Award: Kicking the Can Edition

Welcome to Tax Vox’s fifth annual Lump of Coal Award recognizing 2011’s ten worst moments in fiscal policy. It is hard to imagine so much ugliness crammed into a mere 12 months. But after much thought and debate, the winners are: 10. The rating agency Standard & Poor’s for downgrading U.S. debt based upon a […]

It’s Time Stop Squabbling about the Bush Tax Cuts

As long as politicians keep squabbling about what to do about the Bush era tax cuts, we are doomed. There will be no serious deficit reduction. There will be no tax reform. There will be nothing but the same old partisan arguments. Don’t believe me? Just listen to the chatter coming out of the failed deficit […]

Five Reasons Why the Deficit Super Committee Failed

To the surprise of few, Congress’ super committee is on the brink of failure–unable to agree on $1.2 trillion in budget savings as required by last summer’s debt limit deal. But the panel was doomed from the start. Here are five reasons why: The parties could not bridge their theological differences. Mainstream Democrats believe government should play an important role in the […]

A 20 Percent Tax Rate Cut Would Blow a Huge Hole in the Budget

In the back-and-forth over deficit reduction on Capitol Hill, Republicans have floated the idea of cutting individual tax rates by 20 percent across the board. There is much more to their plan: Crucially, they’d also trim tax subsidies. However, they don’t say how, so my colleagues at the Tax Policy Center looked only at what […]

A Grim Prognosis for Deficit Reduction

The other day, I spent a few hours with some of Washington’s most experienced budget experts. The session was off-the-record, so I can’t tell you who they were but I can tell you what they said. In short, don’t count on much real deficit reduction any time soon, despite this summer’s debt limit deal that, […]