The most prominent part of the debt commission is that is has never been able to generate public support to their proposals
. Mostly, it is because of their history. The proposals for raising the social security age, cuts in medial spending and defense spending or increasing taxes havent been interesting proposals for the public that was looking the so called experts of debt commission to solve the problems of the current economy effectively.
Perhaps it happened so because the focus was deduced by the media did not cover some of the interesting aspects of the debt commission proposals like streamlined tax system. It offers quite he interesting insights! As the current US tax system is such that it grows up with direct proportion to the income earned yet most of the professional from fortune 500 companies do not pay the taxes as per their tax brackets. They land up paying much lesser taxes than their secretaries. Warren Buffet says that. The disadvantage of the system is that common people are not willing to go higher up in the ladder to avoid landing up in higher tax brackets and losing all the benefits of lower tax brackets.
However this debt commission proposal involved changing the tax system by reducing the tax percentages. The key idea is that debt commission would reduce the general tax percentages, which would increase the number of people paying complete taxes and willing to move up in the brackets. The commission would also remove the credit limits and the broad range of tax deductions that re availed by the fortune 500 companies.
The people availing these deductions and exemptions would be against the proposal however wouldnt it be right in the long term perspective? The benefits of this debt commission proposal would be profitable to the overall general people in the long term. I belie that this proposal and debt commission deserves to be encouraged for the proposal. They should make the effort to execute such proposals more efficiently.
If they retain of the central theme of helping the general public, there wouldnt be such a dramatic image and opposition to the work of the debt commission. The dynamics of being beneficial in terms of returns without much burden on the individuals sounds like a good plan as it allows to generate higher revenue with lower taxes and much less work around the taxes. I would cheer up for that!
erves to be encouraged for the proposal. They should make the effort to execute such proposals more efficiently.