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WASHINGTON, D.C. – U.S. Senator George V. Voinovich (R-OH), the Senate’s top “debt hawk,” today offered an amendment to the Fiscal Year 2009 Budget Resolution that would provide $1 million towards the establishment of a national commission focused on comprehensive reform of our nation’s tax and entitlement systems.
“America’s fiscal situation is dire. Nothing is off the table when it comes to ensuring our long-term prosperity and increasing our competitiveness in the global marketplace,” Sen. Voinovich said. “This $1 million dollar investment is a pittance compared to the enormous savings potential. Fundamental tax reform could, by some estimates, save taxpayers over $265 billion in costs associated with preparing their taxes alone. That would be a real tax reduction and it would not cost the Treasury a dime. It would be a tax cut that would guarantee people are paying no more than their fair share and would bring more money into the Federal Treasury.”
The funds would go towards the administrative costs of establishing a national commission such as the Securing America’s Future Economy (SAFE) Commission, or a similar proposal, like the bipartisan fiscal task force recently proposed by Senate Budget Committee Chairman Kent Conrad (D-ND) and Ranking Member Judd Gregg (R-NH) – which is almost identical to the SAFE Commission.
The SAFE Commission would examine these systems and present long-term solutions to place the United States on a fiscally sustainable course and ensure the solvency of entitlement programs for future generations. Sen. Voinovich introduced the SAFE Act last year in support of establishing such a commission and forcing Congress to take action on comprehensive tax and entitlement reform. Rep. Frank Wolf (R-VA) has introduced a similar bill in the House.
The reported deficit for FY2007 was $162 billion — and that’s not taking into account the funds borrowed from the Social Security Trust Fund, which brings the total to nearly $344 billion. Also, the national debt has increased from $5.6 trillion in 1999 to $9.4 trillion today — an increase of 68 percent.
“As a fiscal conservative, I believe we must focus on simplifying the tax code and ensuring the solvency of our entitlement programs,” Sen. Voinovich said. “The task is daunting, but now is the time to act. I am thinking not only about the present, but about our children and grandchildren and the legacy – or burden – we will leave them.”
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