Thursday, December 13, 2012
Senator Tom Coburn (R-OK) has released Ten Tax Expenditure Reforms & Eliminations: $315 Billion Over Ten Years:
The tax code is long overdue for comprehensive restructuring. Yet, instead of considering broad reform to simplify the code and lower rates, Washington continues to exacerbate the problem—doling out tax breaks and subsidies in the form of tax credits to well-connected companies and special interests with powerful lobbyists who seem to have more influence than most members of Congress. Even worse, some want to simply raise tax rates without addressing the underlying waste, spending and corporate giveaways embedded in the tax code.
Masquerading as tax cuts, many of these programs are no different from any other federal program that spends taxpayer money. Cleaning up the code by eliminating the most egregious tax giveaways will not only generate revenue, but also pave the way for reducing tax rates for all Americans and small businesses. While Washington delays undertaking true tax reform, the following ten expenditures could be immediately eliminated or reformed to reduce the deficit by more than $315 billion over the next ten years.