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Tax Priorities: First, Clean up the Mess; Then Plan for Tax Reform

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Publication Date: November 2008

Author(s): Eric Toder

Special Collection: Presidential Advisory

Topic: Banking and finance (Taxation and tax policy)
Economics (Economic policy, planning, and development)

Keywords: Presidential transition; Tax reform; Fiscal policy

Type: Brief

Coverage: United States

Abstract:

The economy will be in recession and possibly a deep slump when the next president takes office. A new economic stimulus package could help speed recovery in the short run, but would add to an already exploding federal deficit. In the long run (and maybe not so long), the increased debt and unsustainable fiscal path we’re on will cause slow economic growth and put us at risk of losing international investors’ confidence in the dollar and government debt.