Fast Track to Nowhere

Fast Track to Nowhere

Although the formal expiration of the debt limit is May 19, the ability of the Treasury Department to juggle some internal accounts is likely to extend the effective deadline until late summer. Nothing is certain, but the real deadline is likely to crop up in September or even October.

This sets the stage for an
ugly debt limit debate that may not be resolved for another five months...

...

Tax reform-whether on a fast track or not-cannot succeed until two enormous political hurdles are overcome. First, the two parties must find a middle ground between the Republican position of absolutely no tax increases and the Democratic position of tax increases of about $1 trillion over ten years. Second, somebody has to come up with a set of tax increases that would raise the enormous sums necessary for significant rate reduction and that could win the approval of the President and both houses of Congress. Nothing like this is on the horizon.

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View Marty Sullivan's opinion in its entirety on the taxanalysts® Blog.

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