Ways and Means Releases a Tax Reform Video
Today, the House Ways and Means Committee launched a new website on tax reform, compiling all of the Committee's useful resources on the subject. We've talked about the great benefits of reforming the tax code by eliminating the many of the complicated, inefficient, and regressive tax expenditures that will cost the federal government over $1.2 trillion in forgone revenues in 2014.
But pictures speak better than words: the House Ways and Means Committee has put many of the best arguments for tax reform into an informative video. Their new website also contains links to past hearings and the Committee's three discussion drafts.
Getting our fiscal house in order will likely require taking a serious look at our outdated tax code. Broadening the base through tax reform represents an opportunity to raise the revenues needed as part of a comprehensive deficit reduction plan, lower marginal rates and simultaneously promote economic growth. We hope tax reform can make more progress in 2014.