The Administration produced its 2012 Economic Report of the President recently. These reports are written by the economists at the Council of Economic Advisers and tend to employ solid economic arguments and use data correctly – not always and everywhere, but very well by Washington Think Tank standards. The Chapter in this year’s Report entitled “Restoring Fiscal Responsibility” is a nice read in that it sets out the challenges and give some ideas as to how the Administration plans to address our fiscal imbalances. The chapter is here.
I read the chapter “RESTORING FISCAL RESPONSIBILITY” and I have to say that I now have knowledge that I didn’t have before. I do know that the Obama Administration has made deficit reduction a priority; however, I did not to know that he inherited a 1.3 trillion dollar deficit. This is why I rely more on research for the facts than just the media.
The thing I like most about a super-simplified tax code is the savings of billions of dollars a year corporations and individuals waste on doing taxes.
No special tax breaks, no subsidies and a simple (but progressive) system would be a HUGE boost to the economy.