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Heritage Foundation on Tax Reform

 


True tax reform is revenue-neutral by lowering rates

If we are to have any hope of reclaiming economic growth and digging out of the hole we're in, the budget should:
  1. Balance. Achieve balance within 10 years, and stay in balance. Why? Put simply, we can't keep spending more money than we take in.
  2. Reform Taxes. Adopt growth-oriented tax reform capped at the historical level of taxation. Why? Economic growth is the goal. A better economy means people are employed, they are advancing, and they are making more money. That's why the government actually takes in more in taxes when times are good--people make more money and pay more taxes. Tax reform does not mean closing tax preferences ("loopholes") to raise revenue. True tax reform is revenue neutral. Any revenue raised by eliminating tax preferences should be offset by lowering tax rates.
    Source: 2013 campaign website blog.heritage.org, "Morning Bell" , Mar 11, 2013

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    Page last updated: Jul 07, 2014