The voices of Tax Policy Center's researchers and staff
The House-passed budget resolution may be the start of a serious conversation about how to address our growing national debt, or it may be an attack on essential government programs, or both. One attribute we can be pretty sure of, however, is that it is very likely to make the tax code much more regressive than it is today. As you wrap up your calculations for Tax Day 2011, keep in mind that under this proposal, taxes will rise for most Americans. When it comes to revenues, the fiscal plan lacks important details. We know only that it would;
- Cut the top individual and corporate tax rates from 35 percent to 25 percent.
- Eliminate or reform tax expenditures (details left to the Committee on Ways and Means).
- Limit total federal revenue collections to no more than 18 or 19 percent of GDP.
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