In early August, Chuck Marr, Director of Federal Tax Policy at the Center on Budget and Policy Priorities, named five compelling reasons that the new federal “supercommittee” must consider significant tax increases in their decision-making:

1. President Bush’s tax cuts are a significant contributor to projected deficits…
2. Higher-income people can and should share in the sacrifices needed to reduce long-term deficits.
3. Taxes are low both in historical terms and in comparison with other countries.
4. A large chunk of federal spending takes place through the tax code. [More than $1 trillion a year of “tax expenditures” is more than Social Security, Medicare, and Medicaid combined.]
5. Taking taxes off the table would force crippling cuts in entitlement programs.

See 5 Reasons Why the “Supercommittee” Must Consider Tax Increases at: http://www.offthechartsblog.org/5-reasons-why-the-%E2%80%9Csupercommitt…