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Erskine Bowles to Romney: You're no Bowles or Simpson
Erskine Bowles to Romney: You're no Bowles or Simpson
By ALEXANDER BURNS
8/10/12
In a helpful bit of elite validation for the Obama message, former Clinton chief of staff and debt commission co-chairman Erskine Bowles takes Mitt Romney to task in the pages of the Washington Post for his tax proposals:
This month, Romney said that his tax reform proposal is “very similar to the Simpson-Bowles plan.” How I wish it were. I will be the first to cheer if Romney decides to embrace our plan. Unfortunately, the numbers say otherwise: His reform plan leaves too many tax breaks in place and, as a result, does nothing to reduce the debt.
The “zero plan” our commission recommended offered both parties an appealing bargain: lower tax rates for everyone in return for sweeping reduction in tax loopholes of every stripe. Taxpayers and the economy would benefit from a vastly simpler tax code, and getting rid of loopholes would produce more than $1 trillion of the $4 trillion needed in deficit reduction. Our commission produced an alternative plan showing how much individual rates would need to go up, and who would have to pay for them, if lawmakers decided to preserve certain tax expenditures.
The most important lesson Al [Simpson] and I learned on the commission is that to fix the debt, everything must be on the table. Americans everywhere have told us that as long as the sacrifice is shared, they are ready to do their part. The surest way to doom deficit reduction is to play favorites by taking things off the table.
So although I give Romney credit for pledging to reform the tax code to reduce loopholes, his current proposal will not take us to the promised land. Our commission’s tax plan broadens the base, simplifies the code, reduces tax expenditures and generates $1 trillion for deficit reduction while making the tax code more progressive. The Romney plan, by sticking to revenue-neutrality and leaving in place tax breaks, would raise taxes on the middle class and do nothing to shrink the deficit.
http://www.politico.com/blogs/burns-haberman/2012/08/erskine-bowles-to-romney-youre-no-bowles-or-simpson-131622.html
By ALEXANDER BURNS
8/10/12
In a helpful bit of elite validation for the Obama message, former Clinton chief of staff and debt commission co-chairman Erskine Bowles takes Mitt Romney to task in the pages of the Washington Post for his tax proposals:
This month, Romney said that his tax reform proposal is “very similar to the Simpson-Bowles plan.” How I wish it were. I will be the first to cheer if Romney decides to embrace our plan. Unfortunately, the numbers say otherwise: His reform plan leaves too many tax breaks in place and, as a result, does nothing to reduce the debt.
The “zero plan” our commission recommended offered both parties an appealing bargain: lower tax rates for everyone in return for sweeping reduction in tax loopholes of every stripe. Taxpayers and the economy would benefit from a vastly simpler tax code, and getting rid of loopholes would produce more than $1 trillion of the $4 trillion needed in deficit reduction. Our commission produced an alternative plan showing how much individual rates would need to go up, and who would have to pay for them, if lawmakers decided to preserve certain tax expenditures.
The most important lesson Al [Simpson] and I learned on the commission is that to fix the debt, everything must be on the table. Americans everywhere have told us that as long as the sacrifice is shared, they are ready to do their part. The surest way to doom deficit reduction is to play favorites by taking things off the table.
So although I give Romney credit for pledging to reform the tax code to reduce loopholes, his current proposal will not take us to the promised land. Our commission’s tax plan broadens the base, simplifies the code, reduces tax expenditures and generates $1 trillion for deficit reduction while making the tax code more progressive. The Romney plan, by sticking to revenue-neutrality and leaving in place tax breaks, would raise taxes on the middle class and do nothing to shrink the deficit.
http://www.politico.com/blogs/burns-haberman/2012/08/erskine-bowles-to-romney-youre-no-bowles-or-simpson-131622.html
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