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The current tax system has become unnecessarily complex and riddled with inequitable special preferences that distort our market economy. An ineffective tax system cannot raise the revenues required to finance federal expenditures and restrain budget deficits without placing heavy burdens on the economy and society.
As a first step to control the rising federal budget deficits that threaten long-term economic growth, CED has proposed revamping our tax system. The United States needs both a consumption tax and a simpler, progressive income tax –the former to raise additional revenues on a very broad base in an economically neutral manner, the latter to preserve the fairness of the tax system.
"Unlike some 'fundamental tax reforms' that involve scrapping the income tax entirely and thereby creating enormous problems for the transition to a new system, the CED plan reforms the tax system to generate revenue in the most achievable and equitable manner possible."
- W. Bowman Cutter, CED Trustee and Managing Director of Warburg Pincus LLC. |
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A group of executives, including some from Fortune 500 companies, said on Thursday that efforts to tame the bloated federal debt... read moreThursday, April 21, 2011 Business Group Accepts Tax Hikes as Part of any Deficit Deal by Kevin G. Hall and David Lightman for McClatchey
An influential business group called on Congress Thursday to stop playing politics with federal budget deficits and... read moreEvents Friday, November 5, 2010 CED Statement on Extension of Tax Cuts An estimated 0 billion per year of tax reductions, including reduced tax rates and other provisions, are scheduled to expire at the end of this... read moreTuesday, September 27, 2005 A New Tax Framework: A Blueprint for Averting a Fiscal Crisis
Continuing its leadership in economic and fiscal policy, CED released a new policy statement, A New Tax Framework: A Blueprint for Averting a Fiscal Crisis.... read moreReports Tuesday, September 27, 2005 A New Tax Framework A Blueprint for Averting a Fiscal Crisis (2005)
This report presents fiscally responsible recommendations for overhauling the federal tax system and raising the revenues needed to... read more |
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