New America Releases Tax Reform Plan

WASHINGTON, DC (December 5, 2005) -- A proposal released today by the New America Foundation calls for dramatic structural change of the U.S. tax system. The innovative plan creates a tax system that is fairer and more efficient than the current system, while also meeting the new challenges and opportunities of a global economy. The plan calls for replacing the payroll tax with a progressive consumption tax; integrating corporate and individual taxes, while taxing all forms of income the same; creating a more transparent approach to tax expenditures; and introducing a new energy tax.

"Our tax code has become exceedingly complex, increasingly regressive, and it creates a significant drain on the economy -- a drain that will only grow worse as we are inevitably forced to increase taxes," stated Maya MacGuineas, Director of New America Foundation's Fiscal Policy Program and author of the tax reform plan. "This plan calls for a fundamental change in how we raise the funds to pay for government, while creating incentives that match our national priorities on issues such as increased savings, global competitiveness and energy conservation."

For the full press release, please see the attached PDF file. 

Learn More About: Jerry Irvine, Maya MacGuineas
Related Programs: Fiscal Policy Program
Topics: Fiscal Policy