Burg Simpson co-founder Alan K. Simpson wants to make it clear that, like most Americans, he supports tax reform. Just not this tax reform.
Simpson, in an op-ed drafted with fellow former senator Bob Kerrey and published in the Philadelphia Inquirer last week, argues that the House and Senate proposals under consideration right now include fundamental flaws that “would undermine the long-term economic growth they seek to achieve. Put simply, they rely too heavily on budget gimmicks and additional federal debt.”
Today’s lawmakers are happy to pass tax cuts, Simpson and Kerrey argue, but they’re not willing to make the tougher political decisions, such as closing loopholes.
“We do need tax reform,” the pair write. “We do not, however, need more debt. And we certainly don’t need more debt to get good tax reform.”
Simpson and Kerrey insist that, contrary to popular Congressional opinion, deficits do matter, and there’s a better way forward.
“A better course of action now would be to scale back the size of the tax cuts or eliminate more tax expenditures so that the bill can be fully paid for without gimmicks,” they write. “If that commitment were made, it might then be possible to attract some bipartisan support, which is always the best result when enacting such consequential legislation.”
Check out the entire op-ed here.