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How the super-committee can strike a Grand Bargain - The Washington Post
Keywords:
Krauthammer says there is reason for optimism that the super committee of the August 2 Debt Ceiling and Deficit bill can achieve major results. The reason he says is that much of the work in key areas has already been worked out by the Simpson-Bowles Commission. This has also received extensive public scrutiny and discussion. Its now upto the committe to make some choices for tax reform. For the sake of efficiency and fairness this needs to be done. Efficiency is gained by closing the loopholes and the tax exemptions for mortgage interest deductions, health-care exclusion, and subsidies such as the one for ethanol. And in its place moving to lower tax rates, the 23% envisaged by Simpson-Bowles, or the 28% from the Reagan days, down from the 35% today. Fairness is gained by removing tax breaks for special interest groups that do much of the lobbying. The mortgage interest deduction can be phased out starting at $500,000 in the inital phase or using the plan for tax expenditures proposed by Martin Feldstein. Feldstein's proposal outlined in the New York Times on May 4, 2011, (see group for Feldstein) was to limit the reduction in taxes from deductions and exclusions to 2% of the person's AGI or adjusted gross income. The other part of the Committee's focus would be the structural changes to Social Security and Medicare- raising the Social Security and Medicare ages and changing the inflation formula, and means testing Social Security. Obama has already considered the raising of the age for Social Security and changing the cost of living formula.
Krauthammer on the U.S. debt ceiling and deficit reduction talks of 2011
07/13/2011
Grouped Articles
Wall Street Journal 07/13/2011
Budget Shell Games Are Contrary to Law
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Call his bluff - The Washington Post
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Wall Street Journal 07/15/2011
Post-ABC poll: GOP too dug in on debt talks; public fears default consequences - The Washington Post
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Working With New Script to Stop a Train Wreck
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Deficit discussions in the U.S. and revenue from taxes- 2011-2012
07/04/2011
Negotiations between the White House, Democrats and Republicans, to achieve major reductions and cuts in spending, and increase tax revenues by reducing tax expenditures. The discussions for an action plan on the U.S. budget deficit have reached an impasse with Republicans opposed to any tax increases.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Wall Street Journal 07/05/2011
New York Times 07/04/2011
New York Times 07/07/2011
The U.S. Debt Ceiling and Deficit Reduction Deal of August 2, 2011
01/16/2009
The deal finally put together by Vice President Biden and Senate minority leader Mitch McConnell on August 2, 2011. The deal requires the setting up of a debt panel to come up with additional savings.
Grouped Articles
Wall Street Journal 07/13/2011
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
New York Times 10/20/2013
From Big Spending to Big Cuts, as Economy Stalls
New York Times 07/31/2011
Could this Deal Raise Budget Deficits
New York Times 08/01/2011
The President Surrenders on Debt Ceiling
New York Times 07/31/2011
Martin Feldstein, Sheila Bair and other experts on the Bowles-Simpson Deficit Commission proposals
11/17/2010
Grouped Articles
The Deficit Dilemma and Obama's Budget
Wall Street Journal 11/18/2010
America's budget deficit: Speak softly and carry a big chainsaw
Economist 11/20/2010
Sheila C. Bair - Will the next fiscal crisis start in Washington?
Washington Post 11/26/2010
Debt and Taxes: Will Washington Ever Grow Up?
BusinessWeek 11/17/2010
Martin Feldstein - How to cut the deficit without raising taxes
Washington Post 11/29/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Cuts to Medicare and Medicaid proposed in the U.S. deficit reduction talks of 2011
07/13/2011
Of the $350 billion in cuts to Medicare and Medicaid that are proposed most of the cuts do little to reduce the rapid increase in medical costs. Most of the cuts shift the burden of paying for medical costs to public hospitals, seniors and state governments.
Grouped Articles
Cuts Would Only Shift Health-Care Costs
Wall Street Journal 07/13/2011
Where's Your Budget, Mr. President?
Wall Street Journal 08/03/2011
The Debt Crisis, Merely Postponed
New York Times 08/02/2011
Wall Street Journal 08/04/2011
How the super-committee can strike a Grand Bargain - The Washington Post
Washington Post 08/05/2011
Why the Debt Crisis Is Even Worse Than You Think
BusinessWeek 07/27/2011
Feldstein's proposal for a 2% cap on reduction in taxes from deductions and exclusions.
05/04/2011
Feldstein says its important to increases taxes not tax rates. And the the way to go is to follow the President's Bowles-Simpson Deficit Commission's proposal on tax expenditures. As it is politically difficult to eliminate deductions and exclusions he suggests another proposal- limit the reduction in taxes with a 2% of adjusted gross income cap on the reduction any taxpayer gets.
Grouped Articles
Raise Taxes, but Not Tax Rates
New York Times 05/04/2011
New York Times 07/04/2011
The Elmendorf Rule - The Washington Post
Washington Post 07/09/2011
Tom Keene Talks to Martin Feldstein
BusinessWeek 07/07/2011
Wall Street Journal 07/12/2011
Top Democrats laud GOP debt-ceiling move - The Washington Post
Washington Post 07/14/2011
The two US Deficit Commissions in 2010 and the Deficit from Growing Health Care Costs
01/31/2008
Bowles-Simpson Deficit Commisssion proposals, critics say, did not adequately tackle the health care part of the US Deficit. Rivlin-Domenici Deficit Commission phases out the tax exclusion on employer-subsidized health care insurance. Both fall short in addressing the health care portion of the deficit.
Grouped Articles
New York Times 12/11/2010
In Battle Over Health Law, Math Cuts Both Ways
New York Times 01/07/2011
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Second Panel Calls for Cutting Military Spending
New York Times 11/17/2010
Bowles and Simpson of the President's Deficit Commission defend their plan
11/18/2010
Grouped Articles
Charlie Rose Talks to Erskine Bowles, Alan Simpson
BusinessWeek 11/18/2010
CBO: U.S. budget deficit to reach $1.5 trillion in 2011, highest ever
Washington Post 01/26/2011
Wall Street Journal 03/03/2011
Wall Street Journal 04/05/2011
New York Times 04/07/2011
Raise Taxes, but Not Tax Rates
New York Times 05/04/2011
Pearlstein and Krauthammer offer policy and solutions that would help the U.S. navigate a difficult period.
08/05/2011
Pearlstein offers policy and solutions on the economy grounded in realities, and Krauthammer offers policy and solutions on the deficit based on fairness and efficiency. Nye suggests policy and solution for defense spending.
Linked Articles
How the super-committee can strike a Grand Bargain - The Washington Post
Washington Post 08/05/2011
Steven Pearlstein: The global economy comes to the end of its string - The Washington Post
Washington Post 08/05/2011
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