.S. Senator Tammy Baldwin today participated in a Senate Budget Committee hearing focused on reducing the deficit by eliminating wasteful spending in the tax code. At the hearing, the committee heard from a panel of policy experts on finding cost savings to bring down our debt and deficits while supporting the middle class and maintaining programs critical to growing our economy.
"We have two crises facing our country, the need to get our economic engine back on track, job growth, rebuilding a strong and vibrant middle class - at the same time that we responsibly tackle our deficit and debt," Baldwin said, "I feel that spending in the tax code must be a part of our discussions on deficit reduction."
Tax expenditures have grown over the last 20 years to become one of the largest impacts on our budget deficit. Just this year, the Treasury will lose $1.3 trillion to tax expenditures, more than is spent on either Social Security or Medicare. At the hearing, committee members and witnesses discussed the impact of tax expenditures on the deficit and the need to close loopholes and eliminate wasteful and unfair spending in the tax code.