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.
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