With Debt Soaring, Fiscal Commission Will Need To Resist the Temptation To Raise Taxes
If the goal is truly to improve our fiscal situation, as defined by reducing the ratio of debt to GDP or reducing projected gaps between revenue and spending, increasing tax revenue should be limited to the minimum politically possible.
The Republican chairman of the House Budget Committee made news recently by announcing that if his party is serious about changing the fiscal path we are on, they’ll have to consider raising taxes. Politics is about compromise, so the chairman is right. Every side must give a little. However, “putting taxes on the table” is not as simple a fix to our debt problems as some think.
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