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Tuesday, January 22, 2013

Kleinbard Presents Why Tax Revenues Must Rise at Today's NYSBA Tax Section Annual Meeting

KleinbardEdward D. Kleinbard (USC) presents Why Tax Revenues Must Rise as the luncheon speaker at today's New York State Bar Association Tax Section Annual Meeting:

This PowerPoint presentation reviews the fiscal picture of the United States in light of the resolution of the "fiscal cliff" controversy. The presentation argues that, while long-term trends in mandatory spending (entitlements programs) must be addressed directly, any meaningful modifications of these programs of necessity will be phased in very slowly, and in the meantime the large deficits that the United States will incur must be financed. The presentation demonstrates that over a 10-year horizon (the standard Congressional budget window), further government spending cuts are unrealistic, and tax revenues must rise to finance government operations. If one rules out new taxes (VAT, carbon tax), then the most efficient sources of additional tax revenues are tax expenditures -- in particular, personal itemized deductions.

http://taxprof.typepad.com/taxprof_blog/2013/01/kleinbard-presents.html

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Comments

That's what the GOP offered up, but the Democrats will never accept it. A limit/elimination of personal itemized deductions harms residents of New York, California, Oregon, New Jersey, Hawaii, Minnesota far more than residents of Texas, Florida, South Dakota, Alaska, Wyoming, Indiana. Kleinbard is being impractical.

Posted by: Yo Gabba Gabba | Jan 22, 2013 10:49:11 PM