SkipCaptcha, Automoderated users, edit
2,275
edits
Changes
Jump to navigation
Jump to search
Line 50:
Line 50: + + +
→Resolution: Permanent tax measures and 60 day respite on sequestration and debt ceiling debate: Simpson Bowles
*delays action on [[debt ceiling]] for two months, setting parameters for next year's (FY 2014) budget priorities
*delays action on [[debt ceiling]] for two months, setting parameters for next year's (FY 2014) budget priorities
*[[deficit reduction]] delayed
*[[deficit reduction]] delayed
The president refused to negotiate on, and ignored the recommendations of, his own National Commission on Fiscal Responsibility and Reform (Simpson-Bowles Deficit Reduction Commission) to
{{Quotebox|lower rates, broaden the base, and cut spending in the tax code. The current tax code is riddled with $1.1 trillion of tax expenditures: [[backdoor spending]] hidden in the tax code. Tax reform must reduce the size and number of these [[tax expenditures]] and lower [[marginal tax rates]] for individuals and [[corporation]]s – thereby simplifying the code, improving fairness, reducing the tax gap, and spurring [[economic growth]].<ref>http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf</ref><ref>http://www.americanprogress.org/wp-content/uploads/issues/2011/03/pdf/tax_expenditures.pdf</ref>}}
On January 4, 2013, the CBO issued a summary of the impact of the law.<ref>{{cite news|url=http://thehill.com/blogs/on-the-money/economy/275095-cbo-fiscal-cliff-deal-carries-4-trillion-price-tag|title=
On January 4, 2013, the CBO issued a summary of the impact of the law.<ref>{{cite news|url=http://thehill.com/blogs/on-the-money/economy/275095-cbo-fiscal-cliff-deal-carries-4-trillion-price-tag|title=