Tax Increases Should Be Off the Table in Debt Limit Negotiations

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Van Hollen also revealed that Democrats on the panel have “put a whole menu of options on the table” to eliminate corporate tax breaks, which so far have not been accepted by Republican members. The proposals include repealing tax breaks for the oil and gas industry, corporate jets and private jets, he said. “It’s a whole range of special interest tax earmarks in the code,” he added.

Conservatives want to get rid of those special interest tax breaks as part of a revenue-neutral comprehensive tax reform, not as a means to get more money for free-spending politicians to waste. It is good tax policy to rid the tax code of distortions that favor one sector of the economy over another, yet it is bad tax policy to remove every single distortion as a means to raise money for a federal government that has already spent us into a $14.3 trillion hole.

Strong Republican support for a Senate bill that would repeal tax credits for ethanol “was a very important signal that Republicans were willing to get rid of special interest tax breaks for the purpose of deficit reduction,” Van Hollen said. The Senate defeated a motion to shut off debate to consider the measure, introduced by Tom Coburn , R-Okla.

A tax hike occurs when, as a consequence of a change in the tax law, total tax receipts are projected to be higher than they would be under current policy using traditional quasi-static scoring employed by the Treasury Department and by the congressional Joint Committee on Taxation. This change in the tax law may arise because of new legislation or because (through inaction) Congress allows existing tax provisions to expire.

The Coburn amendment would have been a tax hike if not offset. Coburn would argue that this tax provision is a distortion to the tax code and a special interest “tax earmark.” He is correct, yet many conservatives want to see this provision and other distortions to the tax code removed through tax reform without raising revenues for the federal government under the standard static scoring system used by the federal government.

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