How to Save the American Dream

To make sure that Congress moves quickly to pass comprehensive tax reform legislation, “the Commission recommends enacting a ‘failsafe’ that will automatically trigger should Congress and the Administration not succeed in enacting legislation by 2013 that meets specified revenue targets”.  So if Congress does nothing by a certain date, the failsafe would impose across-the-board reductions in deductions and credits.

While it’s hard to predict how much potential the scheme has of becoming law, it at least provides a good starting point for a much-needed serious discussion of tax reform. As the report’s title implies, we are at a moment of truth indeed.

—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.