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The Super Committee's Tax Reform Challenges
November 21, 2011
The Super Committee – more formally known as the Joint Select Committee on Deficit Reduction – is expected to announce soon that its members were unable to reach an agreement, according to several reports, including this one from CNN. If committee members are unable to reach consensus today – this the deadline to bring a plan to the CBO for its analysis – some $1.2 trillion in spending reductions will kick in, beginning in January 2013.
While it's still possible (as of mid-morning Monday, November 21, 2011) that failure may be averted, the Super Committee had a number of obstacles to overcome from the start. A significant one was the accelerated schedule under which the Committee worked, says Marc Gerson, partner with the law firm of Miller & Chevalier, and an expert on federal tax policy. "Tax reform is a long, complicated process," he says. "Doing tax reform in an accelerated time period is exceptionally difficult."
Read more... | Source: The Big Fat Finance Blog.
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cloudy analysis
The Super Committee was actually never really built to succeed in the first place -- it was designed to move the public, disgruntled conservative factions specifically, and the ever-confused news media away from the manufactured "debt ceiling crisis"; and it did just that. Here we are, months later, and those same people who were freaking out about the "debt crisis" have moved on to new things. It's a failing of the news media that there is so little understanding of what's really going on -- news reporters need to analyze things more objectively and pay less attention to the talking points politicians feed them.
Great article
Can anyone hear a ticking sound? :)
Thanks Karen .