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Economic News, Data and Analysis

Tax Panel

Went up yesterday…
President’s Tax Panel Takes on Tough Issues – Center for American Progress
The president’s tax reform panel recently resumed following its post-Katrina delay with the first of its final two public meetings. While the reform panel has not yet put forth any concrete proposals, it has begun to clarify some of its thinking on the tax issues confronting it.
The panel clearly believes that tax reform should be a high priority issue, and in recent days, we have seen some encouraging signs from the panel. We hope that its final report will contribute to a vital debate on our nation’s tax policy.
However, given the track record of the Bush administration’s decision-making on tax and economic policy, we fear that (1) the panel may ultimately reject the more balanced or progressive proposals, and (2) even if the panel develops such ideas, the administration will likely simply pick the elements that fit its prior agenda, and will throw out the rest.
Since reforming the tax code is largely about setting priorities and making choices about trade-offs across different parts of the code, we are not optimistic about what will eventually emerge after a right-wing-led political process is finished modifying the proposal.
We expect to see, when all is said and done, yet more of the same, failed tax policies that give yet more preferences to income from wealth and to high-income individuals, while ignoring work and the middle-class.
More…

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Filed under: Economics

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