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Simpson–Bowles Redux: Another $600 Billion Tax Increase
Posted By Romina Boccia On February 19, 2013 @ 4:32 pm In Entitlements, Taxes & Spending,Featured | No Comments
Erskine Bowles and Alan Simpson, former co-chairs of the 2010 White House deficit-reduction panel whose plan failed, released an outline for a new proposal on their own today. A Bipartisan Path Forward to Securing America’s Future  lacks any significant details but does include a $600 billion tax increase in addition to the $618 billion already being raised from the fiscal cliff deal. Here’s a brief rundown:
Overall, the proposal is more of a vague outline than a concrete roadmap. Simpson and Bowles argue this is by design  to receive feedback from policymakers on the general direction. But Congress’s failure vis-à-vis the “super committee” to come up with cuts is why the country now faces sequestration.
On the positive side, the outline sets a higher deficit target, yet one nowhere near big enough to balance the budget in 10 years. However, it’s $600 billion in the wrong direction. Spending, especially on the entitlement programs, is at the core of the nation’s budget problems. Instead, the outline asks for another massive tax hike in what would amount to “tax deform .”
The lack of structural entitlement reform and the few workable details on Medicare and Social Security are woefully inadequate to curb the spending growth in these programs. Heritage has put forth 6 bipartisan entitlement reforms  that would help steer the nation off the fiscal collision course it is currently on.
Simpson and Bowles have reappeared on the scene most likely only to see their proposal ignored once again.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2013/02/19/simpson-bowles-redux-another-600-billion-tax-increase/
URLs in this post:
 Image: http://blog.heritage.org/wp-content/uploads/Simpson_Bowles_130219.jpg
 A Bipartisan Path Forward to Securing America’s Future: http://momentoftruthproject.org/publications/bipartisan-path-forward-securing-americas-future
 reforming cost sharing: http://www.heritage.org/research/reports/2011/10/the-first-stage-of-medicare-reform-fixing-the-current-program
 by design: http://thehill.com/blogs/blog-briefing-room/news/283695-report-simpson-bowles-to-offer-new-24-trillion-deficit-plan
 tax deform: http://blog.heritage.org/2013/02/12/state-of-the-union-2013-live-blog/
 forth 6 bipartisan entitlement reforms: http://www.heritage.org/research/reports/2012/11/six-bipartisan-entitlement-reforms-to-solve-the-real-fiscal-crisis-only-presidential-leadership-is-needed
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