With trillion-dollar annual deficits and $33 trillion in national debt, the country is on an unsustainable fiscal path. But there are bipartisan solutions that can help close this financial gap. In an op-ed for the Wall Street Journal, Arnold Ventures’ Executive Vice President of Public Finance George Callas proposes five fiscal fixes to raise revenue that both Republicans and Democrats could get behind even as conservatives typically balk at the idea of raising revenue.
“House and Senate Republicans should seize every opportunity to end tax loopholes incongruent with conservative values and direct the revenue to repairing our nation’s balance sheet,” he writes.
Specifically, Callas looks at eliminating the state and local tax deduction, revisiting tax exemptions for certain large nonprofits, closing the round-tripping loophole for multinational corporations, treating corporate stock buybacks more like dividends for tax purposes, and repealing the preferential qualified small-business-stock exemption for venture-capital profits.
“These proposals are consistent with free-market governance that benefits everyday Americans,” he concludes.