Debt-Cutting Plans [AUDIO]
Senator Max Baucus questioned key architects of previous debt-cutting plans at yesterdays deficit reduction committee hearing. Baucus highlighted the concept of tax reform – the idea that the government can lower tax rates for all taxpayers and bring in more revenue at the same time by making the tax code simpler and more fair.
During the hearing he reiterated that revenue, along with spending cuts, must be part of any balanced solution. Still Baucus cautioned that because the current tax code is so complex, changes must be made carefully, keeping an eye out for the effects they may have on working families and small businesses.