Senate Finance Chairman Calls For Revenue Positive Tax Reform: ‘We Simply Don’t Raise Enough Revenue’

During a speech today before the Bipartisan Policy Center, Senate Finance Committee Chairman Max Baucus (D-MT) called for using reform of the federal tax code to raise more revenue, in order to reduce the nation’s deficit. “Deficits and debt are not just a spending problem,” Baucus said. “Revenues as a share of GDP over the past few years are the lowest they have been since World War II. We simply don’t raise enough revenue.” Republicans have been calling for revenue neutral tax reform, even though the last time that the federal budget was balanced, it was thanks to more than 20 percent of GDP in revenue, far above the current level.