WASHINGTON, July 25, 2013 /PRNewswire-USNewswire/ -- As Senate Finance Committee Chair Max Baucus and Ranking Member Orrin Hatch begin their pursuit of comprehensive, structural tax reform, the Campaign to Fix the Debt has released both a memo supporting the Senators' "blank slate" approach and the following principles for any tax reform deal. The Campaign encourages lawmakers to submit ideas consistent with these principles and the national interest.
The Campaign to Fix the Debt's Principles for Tax Reform
- Tax reform should promote economic growth and help reduce future deficits.
- Tax reform should begin with a "blank slate" by eliminating all corporate and individual tax preferences that do not pass a cost-benefit analysis, recognizing that each restoration must be accompanied by a tax rate increase.
- Tax preferences that are restored should be made more efficient and cost-effective to maximize return on investment for the American taxpayer.
- Tax reform should lower tax rates for individuals, corporations, and small businesses.
- Tax reform should promote fairness and protect the most vulnerable in society.
- Tax reform is a complement, not a substitute, for entitlement reforms. Policymakers must continue to pursue structural reforms to slow the rate of growth of Medicare, Medicaid, and Social Security in order to fix the debt and make those programs sustainable.
For more information about the Campaign to Fix the Debt, please visit www.fixthedebt.org.
SOURCE Campaign to Fix the Debt