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  • President Obama Forms Tax Reform Panel

    Out of the blue today, President Barack Obama followed in President George W. Bush’s footsteps and announced the formation of his own tax reform panel. President Obama should be applauded for taking on the important work of reforming the tax code because it badly needs an overhaul. Hopefully, the Obama tax reform panel can build on the excellent foundation laid by the Bush panel, and that President Obama can then bring the effort home in signed legislation.

    President Obama needs to elaborate further on the goals of the panel, its membership, and its processes. This is especially important since his past comments regarding tax policy offer little guidance about the possible focus of the panel, and his announced tax policies to date are more disturbing than encouraging. The panel also needs experts, in addition to those already named, with a deeper understanding of tax policy and political views that balance out the perspective of the group.

    To be successful, the panel’s final plan must:

    • Lower marginal tax rates on individuals to increase the incentives to work, save, invest and take on risk;
    • Broaden the tax base according to sound principles to simplify the tax code and make it less of a factor in economic decision making;
    • Reduce or eliminate the double taxation of capital to increase its after-tax returns and improve incentives for business investment;
    • Lower tax rates paid by businesses so they can invest more and hire more and to help them compete in the increasingly difficult global marketplace; and
    • Stop putting a growing share of the income tax burden on a shrinking portion of taxpayers.

    Tax reform focused on economic growth through neutral taxation and on tax simplification is a task that requires and can create a bi-partisan effort worthy of the President’s efforts.

    Posted in Ongoing Priorities [slideshow_deploy]

    7 Responses to President Obama Forms Tax Reform Panel

    1. Ted Kempton Laur says:

      Hi Heritage Foundation Lower All TAX'S On Each Product I Buy! Tool's, Bread and Water. From The Factory and All There TAX'S and Each Time The Product is Sold Down the Line too Each Transaction! By the Time the Product gets to me the Cost of the Product is to HI! Like Tool's, Bread and Water or a Car! FROM TVK

    2. Spiritof76, New Hamp says:

      I don't trust this administration to craft a tax policy that allows private enterprise, individual wealth creation, and helping the hard working people. It will probably look for ways to redistribute any remnants of private wealth to the idle portion of the population to keep him and the Democrats in power.

      I read the HF proposals as to what he should do for the benefit of the American way of life. It is useless to say what he should do since his agenda is just the opposite of what we expect of an American president that believes in our Constitution and founding principles. He is there to spread socialism and remake America.

    3. J. Bassett OR says:

      Who is going to be on this panel? Like the above writer, I do not trust the Obama Administration to do anything to the benefit of the people, for the people or by the people. If it's in the Constitution or Bill of rights, whatever it is will be dismantled and be to the detriment of the economy of Capitalism. Will Rangel be on the panel? We'll just have to see in the near future. But we don't have much near future left.

    4. Dan Hagler, Georgia. says:

      Someone needs to be on the panel who can explain and promote the "The Fair Tax".

    5. RAFTCC, Roanoke, VA says:

      Why is The Heritage Foundation not calling for adoption of the FairTax?!?! This is a golden opportunity to do so.

    6. Michael Bindner says:

      Heritage is probably not calling for the Fair Tax because knowing how to count seems to be a job requirement.

      Bruce Bartlett would be a good choice from the right, as would Michael Graetz (which would cause a bit of shagrin at Heritage, since it opposed any reform including a VAT).

    7. PRP, Washington, DC says:

      Apparently, the Obama Administration has deliberately shut down the website of the Bush Administration's bi-partisan tax panel, but you can still find it here:

      http://www.kstreetpolicy.com/archives/32

      It couldn't be because they didn't think it was truly bi-partisan, because the President has nominated one of its members to be Assistant Secretary for Tax Policy.

      If only we could say the same about the Austan Goolsbee panel. None of the Republicans are conservatives.

      The deep-sixing of the old bi-partisan website bespeaks a lack of seriousness.

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