Report: A "Realistic Solution" To The "Long-Term Budget Outlook" Includes "Rebalancing The Tax Code And Increasing Tax Revenue From Those Most Able To Pay." In a November 2010 report titled, Investing in America's Economy: A Budget Blueprint for Economic Recovery and Fiscal Responsibility, Demos, Economic Policy Institute, and The Century Foundation laid out a "blueprint" for a "strong economic recovery" and "deficit reduction." From the report:
Any realistic solution to the long-term budget outlook must confront the real drivers of the growth of the national debt, namely the rapid rise in healthcare costs and the lack of adequate revenue. Projected increases in health care costs are not just a threat to the national budget, but also to the viability of American businesses and the health of family budgets. We propose a variety of policies that will reduce the growth in health care costs. These changes would not only help reduce the deficit, but could also improve the quality of care and reduce costs for businesses and families.
On the revenue side, changes in tax policy have significantly eroded federal receipts over the past decade. We cannot face national challenges and meet national priorities without adequate funding. Our suggested path demands responsibility by rebalancing the tax code and increasing tax revenue from those most able to pay. The plan also reduces or eliminates tax preferences while maintaining or increasing tax reductions for low- and moderate-income families.[Economic Policy Institute, 11/29/10]