Family Friendly Tax Reform
Testimony of Paul Weinstein Jr.Chief Operating Office and Senior FellowThe Progressive Policy InstitutePresident’s Advisory Panel on Federal Tax ReformMay 11, 2005
The problem
The tax code is too complicated
–70 percent of Americans think the federal tax system is toocomplicated* –Redundant tax breaks for individuals. 16 IRA type accounts, 5 collegetax breaks, and 4 incentives to help raise kids ** –Since 1986, more than 84 new tax laws have been enacted ***•
Tax compliance is costly
–According to the Department of the Treasurythe total cost of tax compliance is $115 billion per year****•
Middle class burden
–According to Gale, Orszag, and Shapiro about 80percent of households, including a large majority of households in everyincome quintile, will end up
worse
off over time as a result of theenactment of the 2001 and 2003 tax cuts*****
*Associate Press/IPSOS Poll April 4, 2005**“Weinstein, Paul, “Universal Pensions”, PPI Paper, February, 2002***Schnepper, Jeff, “Why the Tax System Drives Me and You Crazy”, MSN Money****Memorandum for Treasury Secretary Paul O’Neill from Pamela Olson, Department of the Treasury, November, 2002*****The Ultimate Burden of Tax Cuts: Once they are Paid for, Low-and Middle-Income Households Likely to be Net Losers, OnAverage, Urban/Brookings Tax Policy Center and Center on Budgetand Policy Priorities, June, 2004
Goals for tax reform
•Make the system more generous•Reduce confusion•Treat everyone the same/level playingfield•Streamline the tax code•Require taxpayers to do less paper work•Deficit neutral
Search History:
Result 00 of 00
00 results for result for
p.
PPI - Weinstein Testimony Re Family Friendly Tax Reform (2005)
59
Reads
0
Readcasts
0
Embed Views
Get Scribd Mobile
To get Scribd mobile enter your number and we'll send you a link to the Scribd app for iPhone & Android.We've sent a link to the Scribd app. If you didn't receive it, try again.
We'll never share your phone number.
More From This User
Notes
Load more
