<p>CBO Lists Tax-Related Options to Reduce Deficit</p>

CBO Lists Tax-Related Options to Reduce Deficit

U.S. Congressional Budget Office

In a December report, the Congressional Budget Office offered 40 tax-related options for reducing the deficit, such as increasing individual income tax rates, eliminating itemized deductions, requiring earned income tax credit and child tax credit claimants to provide a Social Security number, increasing specific excise taxes, and increasing funding for IRS enforcement initiatives.

<p>In a December report, the Congressional Budget Office offered 40 tax-related options for reducing the deficit, such as increasing individual income tax rates, eliminating itemized deductions, requiring earned income tax credit and child tax credit claimants to provide a Social Security number, increasing specific excise taxes, and increasing funding for IRS enforcement initiatives.</p>