LV Review Journal: "Deficit Commission"
As the December 1 deadline nears for the “Fiscal Commission” to report its deficit-reduction policy recommendation, speculation is heating up about the report’s likely content.
The Las Vegas Review Journal recently shared its concern that America’s taxpayers may be unfairly charged with bearing the burden of Washington’s fiscal recklessness.
Below is an excerpt from the story; please click here to read the entire article.
Everything is “on the table,” panel members have vowed.
But as word of its work leaks, it increasingly appears that the only thing “on the table” will be the American taxpayer.
In addition to the possibility of imposing a value-added tax on consumers, the panel is also apparently looking at scaling back or eliminating many popular tax deductions, including mortgage interest, as well as tax credits for children.
And what will taxpayers — about to take a hit that will cost them in the trillions of dollars — get in return?
[V]irtually nothing…these proposals are just a giant money grab to ensure Washington can continue to keep beltway bureaucracies living in the lavish style to which they’ve become accustomed at the expense of the private-sector taxpayers who must foot the bill.
“My concern is that the talk of tax expenditures is couched as ‘tax reform,’ but it’s not tax reform,” Alison Fraser of the Heritage Foundation told the Post. “It’s simply a revenue-raising exercise.”
Remember, the Commission has not yet released its report; this is simply speculation about what it could recommend, Let’s hope the panel instead chooses the kind of fiscally responsible policies its Washington colleagues have not (hint: cut government spending!).