A recent report from Washington may signal jolts of policy change — and it has nothing to do with abortion. The latest analysis from the Congressional Budget Office on what is needed to get America’s tax house in order makes a compelling case for getting back to sanity sooner rather than later.
The CBO looked at two scenarios for stabilizing federal debt (relative to gross domestic product) over 10 years. The first would gradually increase personal income tax rates in equal proportions for all incomes. The second would gradually reduce benefit payments for Social Security, Medicare, Medicaid and ObamaCare. The budget gnomes analyzed each scenario with three different start dates, with fiscal tightening starting in 2026, 2031 or 2036.