13 October 2012

Schumer To Dems: Abandon Simpson-Bowles Tax Model





Senate Democrats’ top political and policy-making strategist is imploring members of his party to abandon a tax reform principle members of both parties increasingly share: that Congress should reform the tax code by closing myriad, costly loopholes, and then use the new revenue to lower tax rates across the board, particularly for the wealthiest.

It’s a break with an increasingly bipartisan orthodoxy, first forged in 1986 when it served as the basis of Ronald Reagan’s tax reform, and more recently with a tax reform model promoted by the chairmen of President Obama’s commission on fiscal responsibility, Alan Simpson and Erskine Bowles.
 

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