Lost in the discussion about how tax cuts will affect the national debt is an understanding of what the debt situation already looks like before tax cuts are factored in. Here is a quick and simple look at where we are, where we are heading, and how tax cuts could affect the outlook. In short, tax cuts that add to the debt will make an already dreadful state of affairs even worse.
There has been a great deal of action lately on matters affecting deficits and debt and much still in the works as policymakers rush to meet some deadlines at the end of the year. Tax cuts are now at the top of the agenda, but there is a lot more on Washington’s plate. Here’s your fix for the latest developments on the federal budget and national debt.
Tax cut bills are now moving in both the House of Representatives and the Senate. With budget deficits growing and tax cuts set to make the situation even worse, policymakers must address spending through the tax code in order to achieve real tax reform that will help get the nation’s finances in order.
While many special interests are frantically telling lawmakers their tax preferences should be kept in a rewrite of the tax code, two organizations are taking to the airwaves with the message that tax reform must be fiscally responsible.
The tax debate reached the next level as tax cut legislation was introduced in the House of Representatives on Thursday. The bill confirms what we have been warning about for weeks, that lawmakers are considering tax cuts that will add substantially to the national debt.
National Debt and You