Op-Ed: Dear Congress: Don't Blow It On Bush Tax Cuts
CNN Money | October 12, 2010
Commentary: Maya MacGuineas is the director of the fiscal policy program at the New America Foundation.
- close many of the more than $1 trillion in loopholes that permeate the code;
- modernize the corporate income tax so we don't stifle business with one of the highest marginal tax rates in the world;
- shift away from taxing income toward taxing consumption;
- and replace some of our less desirable taxes such as the payroll tax with a broad-based energy tax.
A one-year extension is too short if we want to get even some stimulative effect, but if they end up being extended for all income levels, it's worth staggering them so that tax cuts for the wealthiest expire after one year and the rest do after two or three years.
But hope springs eternal: I am not giving up on fundamental reform.