New credit for hiring veterans shows that tax code reform remains elusive
The Washington Post
Nov. 9, 2011
Tax experts say the hiring credit is a particularly stark example of how irresistible the tax code has become for politicians seeking to advance popular policy goals. And, they say, it shows how difficult it would be to weed out popular credits and deductions.
“It’s ironic, and it’s incongruous,” said Steve Bell, senior director of the economic policy project of the Bipartisan Policy Center, of Congress looking to add a new tax credit while tax reform gains steam.
“Tax entitlement reform will be tougher than the direct spending entitlement reform,” he added. “Because they all got in there for a reason . . . They got in there because big groups of people benefit from them.”
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Infographic
Based on the housing industry’s average share of Gross Domestic Product (GDP) from 1980 to 2007, the infographic illustrates that 2.3 percent or $350 billion is “missing” in potential growth.
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