Romney rolled out a new tax proposal after many Republicans blasted his initial plan as too cautious. His plans to cut income tax rates by 20 percent and eliminate the Alternative Minimum Tax sound appealing, but he offers no specifics on how he'll offset the billions in lost revenue.
Romney wants to reduce individual tax rates by 20 percent across the board. Sounds good, but it would increase the deficit to the tune of $3 trillion.
Which Republican Presidential candidates would successfully eliminate the deficit and national debt? According to a new analysis from the non-partisan Committee for a Responsible Federal Budget, none of them would.
After months of squabbling, it looks as if Congress is about to extend a “temporary” tax cut for another 10 months, borrowing $100 billion to do it. That would be OK if this was just a short-term stimulus.
When it comes to taxing the wealthiest Americans, some methods are better than others in leveling the playing field.
Congress could go a long way towards fixing the federal system without destroying state revenue codes—but only if reform is done carefully.
A well-designed Value-Added Tax, a national consumption levy that would tax household purchases of all goods and services, could simplify the tax code for most households and finance significant reductions in corporate and individual income tax rates without adding to the budget deficit.
The Congressional Budget Office’s economic outlook is out, and it doesn't seem all that bad Except that the CBO baseline is a projection of current-law policies, which assume a lot of very optimistic things about Congress’s proclivity toward fiscally responsible behavior.
The CBO is forecasting a $1.1 trillion deficit in 2012, followed by several years of a much lower amount. But CBO officials know that's a fantasy, so it has prepared a more pessimistic outlook.