Rushed Tax Bill: Gimmicks, More Debt and Flawed Economics
WASHINGTON --The tax legislation produced by congressional negotiators and scheduled to be voted on this week remains as fiscally irresponsible as the original House and Senate bills, according to The Concord Coalition. This latest bill is based on flawed economics, poor tax policy and a troubling legislative process that has allowed little time for careful analysis.
Everything Needs To Be On the Table in Budget Negotiations
Sequestration Is a Bad Way to Make Budget Cuts
Tax Reform Should Be Fully Paid For -- Without Gimmicks
Congress Continues to Struggle With Overdue Spending Decisions
While still working on tax legislation, Congress now finds itself in an all-too-familiar place: Only days away from a possible government shutdown because spending decisions that should have been made months ago are still up in the air.
Since Fiscal 2018 began Oct. 1, lawmakers have relied on a stop-gap measure (“continuing resolution”) to keep the government open. That measure expires at the end of this week, giving Congress the choice between a partial government shutdown or another continuing resolution that would likely last until later this month.
A Message From George Washington on Debt and Taxes
Before Congress approves a final package of tax cuts estimated to add more than a trillion dollars to the national debt over 10 years -- in addition to the $10 trillion already projected under current law -- The Concord Coalition urges President Trump and all lawmakers to consider George Washington’s advice on debt and taxes delivered as part of his Farewell Address.
In a passage that could serve today as a principled tweet of moral guidance, Washington warned against “ungenerously throwing upon posterity the burden which we ourselves ought to bear.”
Senate Tax Bill: Too Much Debt, Too Many Gimmicks
WASHINGTON -- The Concord Coalition said today that the tax legislation considered by the Senate is based on flawed economics, reckless fiscal policy and blatant budget gimmickry. It would worsen the nation’s fiscal outlook and introduce new complexities in the tax code at a time when policymakers should be aiming to lower deficits and make the tax code more efficient.
Budget Process Changes or Trigger Mechanisms Can Not Substitute for Political Will
Tax Cut Numbers Don't Add Up
This op-ed by Concord Coalition Executive Director Robert L. Bixby discusses some of the problems with the House and Senate tax bills. The article was originally published this week in Seacoast Sunday.
Republicans in the House and Senate are now debating their respective $1.5 trillion tax cut plans, which must be combined into one bill and passed by both chambers before going to President Trump for his consideration.