Lawmakers should also enact a federal Taxpayers’ Bill of Rights statute that limits annual spending increases to the inflation rate plus population growth. Such a law would force lawmakers to do what families already do: set priorities and make trade-offs. A federal Taxpayers’ Bill of Rights would create a framework to save as much as $4 trillion over the next decade, which is enough to make the recent tax cuts permanent, fix the Alternative Minimum Tax, transition Social Security to personal accounts, and reduce the budget deficit.[6]
Increased tax revenues show once again that the 2003 tax relief is working. Yet long-term spending projections remain dire. Lawmakers should not abandon efforts to rein in spending.
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