Tax Bills Based on Unsound Economics, Unwise Fiscal Policy

Submitted by swinn on Fri, 11/10/2017 - 15:04

WASHINGTON -- With the House and Senate now considering separate plans to overhaul the tax code, The Concord Coalition urges lawmakers to reconsider their current approaches, notably the idea of deficit-financed tax cuts.

Concord Coalition Celebrates 25th Anniversary With Iowa Trip

Submitted by ahunt on Mon, 11/06/2017 - 14:35

On October 10 several members of The Concord Coalition convened in Iowa to host events and meet with stakeholders and media, kicking off the 2020 presidential cycle and celebrating the Concord Coalition's 25th Anniversary. The Concord Coalition has hosted a series of events to mark 25 years of advocating for fiscal reform, including events in Washington, D.C.; Manchester and New London, New Hampshire; Concord, Massachusetts; and Des Moines, Iowa.

West Des Moines Rotary Club

Changes in Borrowing Costs Can Have a Dramatic Impact on the Federal Budget

Submitted by jgordon on Thu, 11/02/2017 - 15:13
The federal government, like all entities that borrow money, pays for the privilege of doing so in the form of interest. A growing national debt therefore places a greater burden on the federal budget in the form of rising interest costs. The Congressional Budget Office (CBO) projects that under current laws, over the next decade the government will spend over $5 trillion solely to pay the interest costs for past borrowing.

Concord Coalition Says Tax Plan Is Fiscally Irresponsible

Submitted by jgordon on Thu, 11/02/2017 - 14:38

WASHINGTON -- The Concord Coalition warned that the tax plan released today by the House Ways and Means Committee is fiscally irresponsible and would create even higher federal deficits than are already projected for the coming decade.

“True tax reform should aim to grow the economy without growing the debt ” said Robert L. Bixby, Concord’s executive director. “This plan would move U.S. fiscal policy in a dangerous direction, openly inviting higher deficits in the face of unsustainable debt.”

Tax Overhaul Concerns

Submitted by swinn on Mon, 10/30/2017 - 13:45

House Republican leaders are scheduled to unveil specifics of their tax overhaul plan this week, a plan that Republicans hope to push through Congress in a matter of weeks. While the inefficient, overly complex tax code has long needed reform, there are several big concerns about the current effort:

1. Republicans should rethink their plans to increase the federal deficit to finance the tax cuts.

Both Sides Are Guilty of Budget Gimmicks

Submitted by jgordon on Thu, 10/26/2017 - 16:02
Policymakers in both parties often want to take credit for responsibly offsetting the costs of popular tax cuts or spending increases, but without actually making the hard choices necessary to do so. That would require higher taxes or lower spending in other parts of the budget. So politicians frequently employ budget gimmicks designed to hide the true costs of their decisions. For our leaders to address the nation’s fiscal challenges, these gimmicks need to stop.

Senate Takes Misguided Approach with Deficit-Financed Tax Cuts

Submitted by jgordon on Fri, 10/20/2017 - 12:23

The Concord Coalition said today that the Senate, in adopting a Fiscal Year 2018 budget resolution calling for deficit-financed tax cuts of up to $1.5 trillion over 10 years, has abandoned fiscal responsibility and embraced deepening debt as a misguided economic growth strategy.

Bipartisan Health Care Fix Would Move the Ball Forward

Submitted by jgordon on Thu, 10/19/2017 - 12:58

The bipartisan effort led by Senators Lamar Alexander and Patty Murray represents an important, fiscally responsible step towards getting the country past an immediate crisis in insurance markets so that we can move on to debate necessary longer-term health care system reforms.

PAYGO is an Important Standard

Submitted by jgordon on Wed, 10/18/2017 - 09:47
Most people agree that current fiscal policies are unsustainable. It is thus a matter of common sense to require those who want to enact new tax cuts or entitlement expansions -- both of which would enlarge the structural deficit -- to put forward spending cuts or tax increases to pay for them. This is the simple concept behind PAYGO (shorthand for Pay-As-You-Go).