Massive Tax Cuts Won't Reduce Massive Debt

Submitted by jgordon on Wed, 04/26/2017 - 10:11

WASHINGTON -- The Concord Coalition expressed concern with President Trump’s new tax plan today, saying the administration has not shown how it could be financed without substantially increasing the federal debt.

“While the proposal lacks specificity, what was released today looks like a revenue loss plan more than a tax reform plan,” said Robert L. Bixby, Concord’s executive director. “It is inconceivable that a tax cut of this magnitude could pay for itself through economic growth.”

Widespread Concerns About Fairness of Tax System

Submitted by jgordon on Tue, 04/25/2017 - 15:46

Many elected officials in both parties have long called for tax reform, although they often differ on what tax-related issues need to be addressed.

As President Trump and members of Congress consider tax proposals to pursue this year, a new national survey by the Pew Research Center may provide some useful information -- and perhaps a surprise or two -- on what taxpayers themselves think about the tax system.

Congress Must Act This Week to Avoid Partial Shutdown

Submitted by jgordon on Mon, 04/24/2017 - 15:44

Congress is again down to the wire on spending legislation for the current fiscal year, which is already half over. Returning to Washington after a 2-week recess, lawmakers need to take action before a stop-gap measure expires at midnight on Friday.

The alternative would be a shutdown for much of the government, wasting tax dollars and further diminishing public confidence in elected officials’ ability to take care of their fundamental budgetary responsibilities.

Trump’s First Budget Proposals Leave Much Unanswered

Submitted by jgordon on Mon, 04/24/2017 - 13:20

WASHINGTON -- The Concord Coalition expressed disappointment today that President Trump’s initial set of budget proposals does not include any deficit reduction or an overall deficit-reduction target for the coming years and focuses only on the third of the budget subject to annual appropriation.

Risks of a Fiscal Crisis

Submitted by jgordon on Thu, 04/13/2017 - 15:15
Experts on the federal budget often warn that excessive federal debt could eventually lead to a fiscal crisis. But what would that actually involve, and how could Washington respond to such a crisis?

Halfway Through Fiscal 2017, Congress Still Figuring Out the Plan

Submitted by jgordon on Mon, 04/03/2017 - 15:14

Many Americans are no doubt struggling to understand some of the latest news from Washington about the federal budget. That’s because elected officials in Washington are approaching their work on the Fiscal 2018 budget with some long-unfinished business: They have yet to agree on most of their spending plans for the current fiscal year.

The Country Won't be Able to 'Move On' From Health Care Reform

Submitted by jgordon on Tue, 03/28/2017 - 10:03

Despite the inclination to do so, policymakers will not be able to quickly move on from health care after last week’s defeat of the House Republican health care plan. There are immediate steps that the Trump administration needs to take to avoid costly problems in some Affordable Care Act (ACA) marketplaces.

How Tax Breaks Boost the Deficit

Submitted by jgordon on Mon, 03/27/2017 - 15:00

The Congressional Budget Office (CBO) has released an overview of certain tax breaks -- known as “tax expenditures” -- that can provide elected officials and the public with helpful information as President Trump and many lawmakers shift their focus to revamping the tax code.

“Tax expenditures, projected to total more than $1.5 trillion in 2017, cause (federal) revenues to be lower than they would be otherwise and, like spending programs, contribute to the deficit,” the CBO said in a recent blog post.