Concerns Over Tax Law’s Cost, Complexity

Submitted by swinn on Fri, 08/17/2018 - 09:24

Last year’s tax legislation fell short of some supporters’ key stated goals, notably to greatly simplify the tax code and strengthen the federal government’s financial position.

Two new analyses from the International Monetary Fund (IMF)  and the Peter G. Peterson Foundation bring these shortcomings into sharp focus. Both should be of interest to elected officials, political candidates and voters.

CBO Projects Dropping Economic Growth Rates

Submitted by swinn on Tue, 08/14/2018 - 09:29

In an update to its 10-year economic outlook, The Congressional Budget Office (CBO) projects that real GDP will grow by 3.1 percent this year, 2.4 percent next year and considerably less in subsequent years.

Fiscal Picture Likely Worse

Submitted by jgordon on Mon, 08/13/2018 - 10:08

The federal budget is currently on an unsustainable path, and that path has been made worse by recent congressional action. Yet a new Congressional Budget Office (CBO) analysis shows that its standard projections, which assume current laws remain in place, likely understate the projected path of debt.

If Congress continues certain recent policies, the path gets much worse, bringing key economic outcomes down with it.

Tariff Revenue Won’t ‘Pay Down’ the Debt

Submitted by swinn on Wed, 08/08/2018 - 15:52

President Trump’s claim this week that his tariffs will enable the government to start "paying down" large amounts of the federal debt is wrong for a very simple reason: It is impossible to reduce debt while you are still adding to it.

Trump tweeted Sunday that “Because of Tariffs we will be able to start paying down large amounts of the $21 Trillion in debt that has been accumulated, much by the Obama Administration, while at the same time reducing taxes for our people.”

Plan Would Help Fill Gap in Highway Funding

Submitted by swinn on Fri, 08/03/2018 - 13:08

By Rob Ryan

Despite much discussion in Washington about the need for more substantial investment in infrastructure, nothing much has been done.

House Transportation and Infrastructure Chairman Bill Shuster (R-Pa.), however, recently unveiled a proposal that would help address -- for a decade, at least -- the chronic shortfall in the federal highway and transit trust fund.

Demand Action on Social Security

Submitted by swinn on Wed, 08/01/2018 - 12:26

This guest column by Robert L. Bixby, executive director of The Concord Coalition, was published in The Telegraph (New Hampshire).

Time is running out for timely action to ensure that Social Security is secure.

Think back to 2002. It was only 16 years ago. For many of us, that doesn’t seem so long ago.

Deficit-Financed Tax Cuts 2.0

Submitted by swinn on Mon, 07/30/2018 - 10:14

With the federal government rapidly sinking further and further into debt, House Ways and Means Committee Chairman Kevin Brady last week released a loose framework for tax legislation that would require even more federal borrowing.

This proposal flies in the face of fiscal responsibility.

Candidates on the Issues: Deaglan McEachern

Submitted by swinn on Tue, 07/24/2018 - 09:02

The Concord Coalition’s “Facing the Future” program is kicking off a series of interviews with Sept. 11 primary candidates in New Hampshire’s First and Second Congressional Districts.

The program originates on WKXL NH Talk Radio in Concord, New Hampshire. Republican and Democratic candidates will answer questions about their policy priorities and plans regarding federal fiscal policy and related issues.

Debt Warnings Based on Experience

Submitted by swinn on Mon, 07/23/2018 - 14:06

Ben Bernanke, Henry Paulson and Timothy Geithner played central roles in dealing with the financial crisis 10 years ago that stunned the nation and threatened economic disaster.

The three former policymakers recently discussed some of the lessons to be learned from that crisis and how the country could best protect itself from similar crises in the future. While it was a wide-ranging discussion, all three men warned that rising federal debt posed a particularly worrisome vulnerability to the country.

A Bipartisan Push for IRS Improvements

Submitted by swinn on Mon, 07/23/2018 - 09:03

In a welcome show of bipartisan cooperation, lawmakers appear to be moving forward on IRS legislation that they say would help taxpayers, reduce tax-refund fraud and improve tax-collection efforts.

Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ron Wyden (D-Ore.), the panel’s ranking member, introduced the Senate bill last week. Many of its provisions are similar to those in legislation the House approved with overwhelming bipartisan votes last spring.