This take on tax reform by Sen.
The online report, "The Opportunity Outlook: A Path for Tackling All Our Deficits Responsibly," lays out principles for addressing long-term deficit and debt challenges.
Tax reform needs to prioritize raising revenue from wealthy individuals and corporations in order to address
"The need for new revenue raised in a way that protects the middle class is clear," the report said. "The combination of poorly targeted tax expenditures, egregious tax loopholes, and a large and growing tax gap has resulted in a tax code that heavily favors wealthy individuals and multinational corporations at the expense of the vast majority of families and small business owners."
The Senate Democrats' fiscal 2014 budget called for tax reform that raises
The budget plan left it up to the
Tax expenditures are projected to cost the federal government
The report noted that many House Republicans agree with their Democratic colleagues that the tax code contains loopholes that benefit special interests. But it also criticized House Republicans because their priority is to use the revenue raised from tax reform to finance reductions in tax rates.
Under the tax-reform principles in the fiscal 2015 House Budget, the revenue raised from pairing back tax preferences would go to "paying for arbitrarily selected, and unrealistically low, tax rate reductions — the benefits of which are so skewed to the wealthiest Americans that it would be impossible not to deliver net tax cuts to millionaires and impose net tax increases on middle class families with children — while doing nothing to address our long-term budget challenges," the report said.
The draft tax-reform legislation that
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