Items of interest from the Politics and Our Money Facebook page.
Blank Slate Tax Reform Plan
I’ve written before about the blank slate tax reform plan being worked on by Senators Baucus and Hatch. In a nutshell, the proposal would do away with all tax breaks and only add back into federal law those that are deemed absolutely necessary. The monies collected as a result of the reduced number of breaks would allow for lower tax rates across the board and the opportunity to begin whittling down America’s deficits, and in the longer run, our sizable debt.
Who determines which tax breaks are absolutely necessary and which can go? The other members of the U.S. Senate. Or at least that’s what Baucus and Hatch had hoped.
The article below highlights some of the recommendations that had been submitted to Baucus and Hatch just before their submission deadline. The recommendations’ lack of detail doesn’t bode well for meaningful tax reform any time soon.
Bankrupting America’s Fact Sheet
Bankrupting America puts out a toolkit that constituents can use when meeting with, or contacting, their legislators. Normally these are distributed just before elected officials will be spending time back in their districts.
This version was created for the summer recess that will come to an end following the Labor Day holiday. These Fact Sheets are always filled with a variety of really good economic and policy related information. This version is no exception.
America’s Long-Term Debt
The Peter G. Peterson Foundation put together an outstanding interactive presentation on America’s debt. It discusses America’s past debt and future debt projections, while incorporating various policy changes to show how debt levels have been affected. It’s really interesting, and helpful, to see U.S. debt levels visually represented, rather than just reading the oftentimes mind numbing numbers.
It also allows you to select individual fiscal plans that have been floated as ways to address our financial problems and see how they will affect our debt levels over time.
I encourage you to spend a few minutes playing around with this interesting and very informative interactive presentation.