According to the Washington Free Beacon, Mohamed El-Erian, who is chairman of President Obama’s Global Development Council, argued the economy would continue to be weak until Washington enacted “major” tax and entitlement reforms. We couldn’t agree more.
According to The Wall Street Journal, a large amount of American taxpayers are denouncing their citizenship and leaving the country. Lenwood Brooks, policy director of Public Notice, joins Cavuto on Fox Business to discuss how this proves we need a comprehensive reform of the U.S. tax code.
In remarks in Chattanooga today, President Obama is expected to propose a “grand bargain” on tax reform. The bargain is that Americans should give up some tax deductions and credits in order to fund more government spending.
Reuters reports U.S. Treasury Secretary Jack Lew said in a television interview yesterday, “We have already done a lot of deficit reduction.” While this year’s budget deficit is expected to be less than $1 trillion – the first time in four years that’s happened – it’s still expected to top $750 billion. Which means: Mr. Treasury Secretary, we still need more deficit reduction.
In another case of federal government (and Internal Revenue Service) incompetence, National Journal (subscription required) reports that the IRS mistakenly revealed tens of thousands of Americans’ Social Security Numbers. Remember, this will be the agency partially in charge of your healthcare under Obamacare.
The Hill, Politico and The Wall Street Journal report that members of the Senate Finance Committee could today reveal their outline for comprehensive tax reform.
According to The Hill, House Republicans think they can pass a tax reform without Democratic support.
Politico says some lawmakers are considering retirement because they’re worried their health insurance premiums will increase … due to the 2010 health care law passed by Congress.
On Monday, President Obama said he would veto the annual appropriations bills unless they ended the sequester spending cuts.
As discussions about fundamental tax reform (and the possibility of further tax increases) continue, and as lawmakers continue to look into the IRS’s evaluations of nonprofit groups, we thought it was important to highlight a report this week from the Government Accountability Office that discusses IRS operations and effectiveness.