Reducing the budget deficit : tax policy options [May 17, 2011] / Molly F. Sherlock.

[Washington, District of Columbia] : Congressional Research Service, [2011]

[Buffalo, New York] : William S. Hein & Company, [between 2011 and 2013?]

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1 online resource (32 pages).

(NjRocCCS)ccn00394472

This report analyzes various revenue options for deficit reduction, highlighting proposals made by the President's Fiscal Commission and the Debt Reduction Task Force. Others, such as House Budget Committee Chairman Paul Ryan and the Obama Administration, have noted the importance of tax reform as part of a deficit reduction plans. These plans, however, do not provide the same level of detail as the Fiscal Commission and Debt Reduction Task Force, and are therefore not reviewed in detail as part of this report. The President's Fiscal Commission and the Debt Reduction Task Force took different approaches in the tax reform components of their fiscal sustainability plans. The President's Fiscal Commission raised additional tax revenues primarily through comprehensive income tax reform. The Fiscal Commission chose to broaden the tax base, allowing for both lower tax rates and increased federal revenues. The Debt Reduction Task Force's proposal also recommended individual income tax reform. The individual income tax reforms recommended by the Debt Reduction Task Force were designed to enhance efficiency and increase progressivity in the income tax system. Additional revenues in the Debt Reduction Task Force's plan originate from the proposed 6.5% debt-reduction sales tax.

"May 17, 2011."

Includes bibliographical references.

Description based on PDF title page, viewed April 14, 2013.

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