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[]
=C2=A0
Dear=C2=A0John,
=C2=A0
Two items have been the focus for our team over the past month:
*
The public trustees for Social Security released their annual report on the=
program=E2=80=99s finances last month, showing the primary trust fund one =
year closer to depletion in 2034. We highlighted these findings in an event=
with the program=E2=80=99s chief actuary and its two former public trustee=
s, as well as a series of charts describing the key takeaways.
*
As tax season came to a close, we released a report detailing the administr=
ative burden that the complexity of the tax code places on everyday America=
ns. Our companion event highlighted that policymakers need to pursue practi=
cal solutions that would improve operations of the IRS and result in a more=
efficient, less onerous system for collecting the nation=E2=80=99s revenue=
s.
Additionally, with President Trump=E2=80=99s decision to increase tariffs o=
n $200 billion of Chinese goods and China announcing it is placing tariffs =
on more than 5,000 U.S. products, BPC senior vice president Bill Hoagland w=
rote in USA Today [[link removed]
/trump-china-trade-negotiations-tariffs-soybeans-column/1141716001/]=C2=A0t=
hat America's farmers now have to add trade policy as another unknown to th=
eir business model. Hoagland stresses that agriculture producers shouldn't =
have to worry about an escalating trade war.
=C2=A0
Last but not least, the Funding Our Future campaign is continuing to grow i=
ts reach with new organizational partners and subscribers. If you haven=E2=
=80=99t already, sign up [[link removed]
rg-a5ii9/pages/v6iibaeweeibplbl84scuq.html] to receive the latest updates o=
n the coalition that is working to improve retirement security in America.
=C2=A0
Shai Akabas
Director of Economic Policy
=C2=A0
=E2=80=8BSocial Security's Financial Challenge
=C2=A0
The Financial Future of Social Security: Highlights from the Trustees=E2=80=
=99 2019 Report [[link removed]
nancial-future-of-social-security-highlights-from-the-trustees-2019-reports=
/]
=C2=A0
Following the release of the 2019 Social Security trustees=E2=80=99 report,=
BPC partnered with the Funding Our Future [[link removed]] c=
ampaign to host a public conference call with the chief actuary for Social =
Security and the former public trustees for Social Security and Medicare to=
discuss key takeaways and the future of the programs.
=C2=A0
[[link removed]
f-social-security-highlights-from-the-trustees-2019-reports/]
=C2=A0
Understanding the New Social Security Projections in Five Charts [[link removed]
ipartisanpolicy.org/blog/understanding-the-new-social-security-projections-=
in-five-charts/]
To help you better understand the projections in the 2019 Social Security t=
rustees=E2=80=99 report, BPC staff has the main points boiled down into fiv=
e charts.
[]
=C2=A0
[[link removed]
ojections-in-five-charts/]
=C2=A0
Ticking Clocks for Social Security and Medicare [[link removed]
rg/podcasts/33-ticking-clocks-for-social-security-and-medicare/]
Associate director Tim Shaw was a guest on BPC=E2=80=99s podcast, Pints and=
Policy, to discuss the latest projections on when the trust funds for Soci=
al Security and Medicare will dry up and why treading water for these progr=
ams isn=E2=80=99t enough.
=C2=A0
[]
=C2=A0
=E2=80=8BImproving Implementation of the Tax System
=C2=A0
Tax Administration: Compliance, Complexity, and Capacity [[link removed]
npolicy.org/wp-content/uploads/2019/04/Tax-Administration-Compliance-Comple=
xity-Capacity-1.pdf]
In April, BPC released a new report, Tax Administration: Compliance, Comple=
xity, and Capacity [[link removed]
-compliance-complexity-and-capacity/], highlighting ways to make the U.S. t=
ax system more efficient and equitable. The release was accompanied by a co=
nference call featuring the report=E2=80=99s co-authors, Jason Fichtner, Bi=
ll Gale, and Jeff Trinca, as well as additional experts. Rep. Judy Chu (D-C=
A) closed out the event by highlighting congressional priorities in this ar=
ea and ways to reduce the administrative burden on federal taxpayers.
=C2=A0
[[link removed]
ity-and-capacity/]
=C2=A0
Dreams of a Return-Free Tax Filing System [[link removed]
g/dreams-of-a-return-free-tax-filing-system/]
The New York Times editorial board was the latest to call for a return-free=
tax filing system. In response, Shai Akabas and BPC economic research anal=
yst Kody Carmody explain that, while the U.S. tax system is in desperate ne=
ed of improvement, return-free filing is a distraction from crucial reforms=
that could relieve millions of Americans, especially the most vulnerable t=
ax filers, from the headaches and nightmares associated with filing taxes t=
oday.
=C2=A0
[[link removed]
m/]
=C2=A0
If Your Taxes Are a Complicated Mess, You=E2=80=99re Not Alone [[link removed]
rollcall.com/news/opinion/taxes-complicated-mess-youre-not-alone]
BPC Fellow Jason Fichtner=E2=80=99s column in Roll Call points to three fun=
damental issues with our tax system and potentials avenues for reform. He w=
rites, =E2=80=9Cnone of these proposals is a panacea, and they are just a s=
tart toward fixing the longer-term problems facing the U.S. tax system. As =
attention is called to these issues, Congress should continue to work towar=
d tax administration reforms that will lower costs, improve the experience =
for filers and prevent evasion.=E2=80=9D
=C2=A0
[]
=C2=A0
The Complexity of America=E2=80=99s Tax Code [[link removed]
podcasts/32-the-complexity-of-americas-tax-code/]
Kody Carmody joined Pints and Policy to talk about Tax Day and why lots of =
Americans continue to find the process of filing their taxes confusing and =
cumbersome.
=C2=A0
[]
=C2=A0
In The News=C2=A0
=C2=A0
Trump's 2020 Budget Delivers Gimmicks, Soaring Debt and Broken Promises
USA Today
[]
Lawmakers Push New Retirement Legislation
The Wall Street Journal
[]
Social Security is Approaching Crisis Territory
The Hill
[]
Nightly Business Report: Shai Akabas on Retirement Security
CNBC
[[link removed]]
Social Security is Drying Up. This Plan Could Save It
CNN
[]
Trump Administration Pushes for Quick Action to Raise Debt Limit
The Washington Post
[]
=C2=A0
We are deeply saddened by the passing of our dear friend Alice Rivlin. For =
nearly 10 years, Alice played a pivotal role in the life of our organizatio=
n. From fiscal policy to health care policy, she was a fierce advocate for =
finding bipartisan solutions to our nation=E2=80=99s toughest challenges.
=C2=A0
[]
=C2=A0
=C2=A0
[]
[]
[]
=C2=A0
[]
=E2=80=8BBipartisan Policy Center =C2=A0
1225 Eye Street=C2=A0NW, Suite 1000,=C2=A0Washington, D.C. xxxxxx
(202) 204-2400=C2=A0|=C2=A0bipartisanpolicy.org [[link removed]
g/]
Profile & Subscription Preferences [[link removed]
accountKey=3Da5iI9miixWUCe596TRNYrA&PageId=3D11e4f14497a3e2118a3478e3b5101e=
8b]=C2=A0|=C2=A0Unsubscribe [[link removed]
NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2=
phY2tidWx3YXJrQGdtYWlsLmNvbQ%3AY29udGFjdC05YTYxNTJhMzdjYWFlOTExYTk3ZjAwMGQz=
YTE4Y2I0Ny1lYjJkZmNhMDYxY2U0M2I4YmQ4YmFmOGUyNDI2YmQxMw%3An%3An%3AkhaVNZQdKA=
233VC2tXztZQ]
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NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2=
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eight: 80px; border-width: 0px;" width=3D"300" height=3D"80" imagePlusText=
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0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
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<td style=3D"width:600px;vertical-align:top;background-=
color:transparent;">
=C2=A0
</td>
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</table>
</td>
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<tr>
<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:600px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:600px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div><font face=3D"Verdana" size=3D"3" color=3D"=
#333333"><font><font color=3D"#5f6062"><font style=3D"font-size: 14px;">Dea=
r=C2=A0John,</font></font></font></font></div><div><div><font face=3D"Verda=
na" size=3D"3" color=3D"#333333"><font><font color=3D"#5f6062"><font style=
=3D"font-size: 14px;">=C2=A0</font></font></font></font></div><div><font fa=
ce=3D"Verdana" size=3D"3" color=3D"#333333"><font><font color=3D"#5f6062"><=
font style=3D"font-size: 14px;"></font></font></font></font><span style=3D"=
font-size: 14px; color: rgb(95, 96, 98); font-family: Verdana;">I=E2=80=99m=
sure you=E2=80=99ve heard that last week the House passed a bipartisan bud=
get deal to set annual spending levels and suspend the debt ceiling for two=
more years. The Senate is expected to vote on it shortly. BPC=E2=80=99s re=
search had a <a href=3D"[link removed]
zc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2phY2t=
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Z249UHJvamVjdCUyMFVwZGF0ZSUyMCU3QyUyMEVjb25vbWljJTIwUG9saWN5JmVzaWQ9NzU2ODR=
mNmYtZjRiMi1lOTExLWE5ODItMDAwZDNhMThjMjNj&K=3DEK4CpQu3E5uI_HhermY1ig">real =
impact</a> on these debates, helping to spur action prior to the August rec=
ess. We wanted to share some of our recent debt limit resources so you can =
stay up to date.</span></div>
<div><font face=3D"Verdana" size=3D"3" color=3D"#333333"><font><font color=
=3D"#5f6062"><font style=3D"font-size: 14px;">=C2=A0</font></font></font></=
font></div>
<div><font face=3D"Verdana" size=3D"3" color=3D"#333333"><font><font color=
=3D"#5f6062"><font style=3D"font-size: 14px;">
Shai Akabas
<br>
Director of Economic Policy </font></font></font></font></div>
</div></td></tr></tbody></table></td>
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gn=3D"center">
<tr>
<td style=3D"width:600px;vertical-align:top;background-=
color:transparent;">
=C2=A0
</td>
</tr>
</table>
</td>
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<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:600px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:600px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div style=3D"text-align: left;"><font face=3D"G=
eorgia"><strong style=3D"color: rgb(59, 97, 140); font-size: 18px;"><a styl=
e=3D"text-decoration: none; color:#e63a45;" href=3D"[link removed]
sions.com/c/4/?T=3DMTE3NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYT=
U4NGFkMGY3MWYx%3AYi5pZ2phY2tidWx3YXJrQGdtYWlsLmNvbQ%3AY29udGFjdC05YTYxNTJhM=
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GZjYTA2MWNlNDNiOGJkOGJhZjhlMjQyNmJkMTMmdXRtX3NvdXJjZT1DbGlja0RpbWVuc2lvbnMm=
dXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249UHJvamVjdCUyMFVwZGF0ZSUyMCU3QyUyMEV=
jb25vbWljJTIwUG9saWN5JmVzaWQ9NzU2ODRmNmYtZjRiMi1lOTExLWE5ODItMDAwZDNhMThjMj=
Nj&K=3DdI3iJzEvL7278_KyCwYpyQ"><font size=3D"4"><em>New Projection: Debt Li=
mit "X Date" Could Arrive in September </em></font></a></strong></font></di=
v>
=C2=A0
<div><br></div>
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gn=3D"center">
<tr>
<td style=3D"width:600px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:600px;" border=3D"0" cellpadding=
=3D"5" cellspacing=3D"0" style=3D"width:100%"><tbody><tr><td valign=3D"top"=
align=3D"center"><a href=3D'[link removed]
NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2=
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aHR0cHM6Ly9iaXBhcnRpc2FucG9saWN5Lm9yZy9kZWJ0LWxpbWl0Lz9fY2xkZWU9WWk1cFoycGh=
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jZiZDEzJnV0bV9zb3VyY2U9Q2xpY2tEaW1lbnNpb25zJnV0bV9tZWRpdW09ZW1haWwmdXRtX2Nh=
bXBhaWduPVByb2plY3QlMjBVcGRhdGUlMjAlN0MlMjBFY29ub21pYyUyMFBvbGljeSZlc2lkPTc=
1Njg0ZjZmLWY0YjItZTkxMS1hOTgyLTAwMGQzYTE4YzIzYw&K=3DuBCYYhl8XrTQvo2zmr3HwA'=
class=3D'imageLinkFinder' target=3D'_blank'><IMG src=3D"[link removed]
dimensions.com/bipartisanpolicyorg-a5ii9/images/xdatedebtlimit.png" alt=3D"=
" style=3D"width: 590px; height: 325px; border-width: 0px;" width=3D"590" =
height=3D"325" imagePlusText=3D"image"></IMG></a></td></tr></tbody></table>=
</td>
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<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:600px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:600px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div><font face=3D"Verdana" size=3D"3" color=3D"=
#333333"><font><font color=3D"#5f6062"><font style=3D"font-size: 14px;"></f=
ont></font></font></font><font style=3D"font-size: 14px;" face=3D"Verdana" =
color=3D"#5f6062">Several weeks ago, BPC released a new debt limit estimate=
forecasting a risk that the debt limit =E2=80=9CX Date=E2=80=9D =E2=80=94 =
the date when the federal government can no longer pay all of its bills in =
full and on time =E2=80=94 could occur in the first half of September. This=
=E2=80=9CX Date=E2=80=9D risk fell earlier than BPC=E2=80=99s previous pro=
jection range, based on new data and analysis. Read the full press release =
below.</font></div></td></tr></tbody></table></td>
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0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
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<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:300px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:300px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div style=3D"text-align: center;"><font face=3D=
"Georgia"><strong style=3D"color: rgb(59, 97, 140); font-size: 18px;"><a st=
yle=3D"text-decoration: none; color:#e63a45;" href=3D"[link removed]
ensions.com/c/4/?T=3DMTE3NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZi=
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cGllbnRpZD1jb250YWN0LTlhNjE1MmEzN2NhYWU5MTFhOTdmMDAwZDNhMThjYjQ3LWViMmRmY2E=
wNjFjZTQzYjhiZDhiYWY4ZTI0MjZiZDEzJnV0bV9zb3VyY2U9Q2xpY2tEaW1lbnNpb25zJnV0bV=
9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPVByb2plY3QlMjBVcGRhdGUlMjAlN0MlMjBFY29ub=
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=3D3Cw6UpFLHdoIrd70mdtBzQ"><font size=3D"4"><em>Debt Limit Analysis: Everyt=
hing You Need to Know in 30 Slides </em></font></a></strong></font></div>
=C2=A0
<div></div>
<div></div></td></tr></tbody></table></td>
<td style=3D"width:300px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:300px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div style=3D"text-align: center;"><span style=
=3D"font-family: Georgia;"><strong style=3D"color: rgb(59, 97, 140); font-s=
ize: 18px;"><a style=3D"text-decoration: none; color:#e63a45;" href=3D"http=
://elink.clickdimensions.com/c/4/?T=3DMTE3NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE=
3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2phY2tidWx3YXJrQGdtYWlsLmNvbQ%3AY2=
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m9yZy9yZXBvcnQvZGVmaWNpdC10cmFja2VyLz9fY2xkZWU9WWk1cFoycGhZMnRpZFd4M1lYSnJR=
R2R0WVdsc0xtTnZiUSUzZCUzZCZyZWNpcGllbnRpZD1jb250YWN0LTlhNjE1MmEzN2NhYWU5MTF=
hOTdmMDAwZDNhMThjYjQ3LWViMmRmY2EwNjFjZTQzYjhiZDhiYWY4ZTI0MjZiZDEzJnV0bV9zb3=
VyY2U9Q2xpY2tEaW1lbnNpb25zJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPVByb2plY=
3QlMjBVcGRhdGUlMjAlN0MlMjBFY29ub21pYyUyMFBvbGljeSZlc2lkPTc1Njg0ZjZmLWY0YjIt=
ZTkxMS1hOTgyLTAwMGQzYTE4YzIzYw&K=3DQ7ArMzCUL4H9o883wj6HqA"><span style=3D"f=
ont-size: 18px;"><em>Deficit Tracker: July 2019 Update </em></span></a></st=
rong></span></div>
=C2=A0
<div></div>
<div></div></td></tr></tbody></table></td>
</tr>
</table>
</td>
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<tr>
<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:300px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:300px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><font style=3D"font-size: 14px;" face=3D"Verdana=
" color=3D"#5f6062">We break down what the debt limit is and our recent pro=
jections in 30
digestible slides.</font>
<div></div></td></tr></tbody></table></td>
<td style=3D"width:300px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:300px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><span style=3D"font-size: 14px; font-family: Ver=
dana; color: rgb(95, 96, 98);">BPC=E2=80=99s economic policy team analyzes =
the government=E2=80=99s running budget
deficit and updates the Deficit Tracker every month.</span>
<div></div></td></tr></tbody></table></td>
</tr>
</table>
</td>
</tr>
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<td style=3D"width:400px;vertical-align:top;background-=
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0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div><font style=3D"font-size: 15px;" face=3D"Ve=
rdana" color=3D"#e33b45"><a style=3D"text-decoration: none; color:#e63a45;"=
href=3D"[link removed]
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i1mNGIyLWU5MTEtYTk4Mi0wMDBkM2ExOGMyM2M&K=3DsOrHraon4RlDQyOGYntPAw"><strong>=
Bill Hoagland on C-SPAN to Discuss BPC's New Debt Limit Projections</strong=
></a></font></div>
<a style=3D"text-decoration: none; color:#e63a45;" href=3D"[link removed]
ckdimensions.com/c/4/?T=3DMTE3NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjN=
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<font style=3D"font-size: 14px; line-height: 2;" face=3D"Verdana" color=3D"=
#5f6062"><em>C-SPAN</em></font>
<div></div>
</a></td></tr></tbody></table></td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:200px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:200px;" border=3D"0" cellpadding=
=3D"5" cellspacing=3D"0" style=3D"width:100%"><tbody><tr><td valign=3D"top"=
align=3D"center"><a href=3D'[link removed]
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i1lOTExLWE5ODItMDAwZDNhMThjMjNj&K=3DHPy3erOaTEH4rcmcYSdQJw' class=3D'imageL=
inkFinder' target=3D'_blank'><img src=3D"[link removed]
ipartisanpolicyorg-a5ii9/images/media_logos/600pixelswide/medialogos/cnnlog=
o.png" alt=3D"" imageplustext=3D"image" style=3D"width: 150px; height: 150p=
x; border-width: 0px;" width=3D"150" height=3D"150"></a></td></tr></tbody><=
/table></td>
<td style=3D"width:400px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:400px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div><font style=3D"font-size: 15px;" face=3D"Ve=
rdana" color=3D"#e33b45"><a style=3D"text-decoration: none; color:#e63a45;"=
href=3D"[link removed]
EyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2phY2tidWx3YXJrQGdtYW=
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uLmNubi5jb20vMjAxOS8wNy8xOS9wb2xpdGljcy9kZWZhdWx0LWplcm9tZS1wb3dlbGwtaGlzdG=
9yeS9pbmRleC5odG1sP19jbGRlZT1ZaTVwWjJwaFkydGlkV3gzWVhKclFHZHRZV2xzTG1OdmJRJ=
TNkJTNkJnJlY2lwaWVudGlkPWNvbnRhY3QtOWE2MTUyYTM3Y2FhZTkxMWE5N2YwMDBkM2ExOGNi=
NDctZWIyZGZjYTA2MWNlNDNiOGJkOGJhZjhlMjQyNmJkMTMmdXRtX3NvdXJjZT1DbGlja0RpbWV=
uc2lvbnMmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249UHJvamVjdCUyMFVwZGF0ZSUyMC=
U3QyUyMEVjb25vbWljJTIwUG9saWN5JmVzaWQ9NzU2ODRmNmYtZjRiMi1lOTExLWE5ODItMDAwZ=
DNhMThjMjNj&K=3DQb12jsu6NddehG0IGj0JyQ"><strong>How Jerome Powell stopped a=
US default - in 2011</strong></a></font></div>
<a style=3D"text-decoration: none; color:#e63a45;" href=3D"[link removed]
ckdimensions.com/c/4/?T=3DMTE3NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjN=
hNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2phY2tidWx3YXJrQGdtYWlsLmNvbQ%3AY29udGFjdC05YT=
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cy1yZWxlYXNlL25ldy1wcm9qZWN0aW9uLWRlYnQtbGltaXQteC1kYXRlLWNvdWxkLWFycml2ZS1=
pbi1zZXB0ZW1iZXIvP19jbGRlZT1ZaTVwWjJwaFkydGlkV3gzWVhKclFHZHRZV2xzTG1OdmJRJT=
NkJTNkJnJlY2lwaWVudGlkPWNvbnRhY3QtOWE2MTUyYTM3Y2FhZTkxMWE5N2YwMDBkM2ExOGNiN=
DctZWIyZGZjYTA2MWNlNDNiOGJkOGJhZjhlMjQyNmJkMTMmdXRtX3NvdXJjZT1DbGlja0RpbWVu=
c2lvbnMmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249UHJvamVjdCUyMFVwZGF0ZSUyMCU=
3QyUyMEVjb25vbWljJTIwUG9saWN5JmVzaWQ9NzU2ODRmNmYtZjRiMi1lOTExLWE5ODItMDAwZD=
NhMThjMjNj&K=3DWFzJeTKmAXt-T78zJLnXog">
<font style=3D"font-size: 14px; line-height: 2;" face=3D"Verdana" color=3D"=
#5f6062"><em>CNN</em></font>
<div></div>
</a></td></tr></tbody></table></td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:200px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:200px;" border=3D"0" cellpadding=
=3D"5" cellspacing=3D"0" style=3D"width:100%"><tbody><tr><td valign=3D"top"=
align=3D"center"><a href=3D'[link removed]
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Csw6PeJnJ0qDWzfKnAcaQ' class=3D'imageLinkFinder' target=3D'_blank'><img src=
=3D"[link removed]
_logos/600pixelswide/medialogos/yahoofinance.png" alt=3D"" imageplustext=3D=
"image" style=3D"width: 150px; height: 150px; border-width: 0px;" width=3D"=
150" height=3D"150"></a></td></tr></tbody></table></td>
<td style=3D"width:400px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:400px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div><span style=3D"font-size: 15px; font-family=
: Verdana; color: rgb(227, 59, 69);"><a style=3D"text-decoration: none; col=
or:#e63a45;" href=3D"[link removed]
3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjNhNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2phY2tidW=
x3YXJrQGdtYWlsLmNvbQ%3AY29udGFjdC05YTYxNTJhMzdjYWFlOTExYTk3ZjAwMGQzYTE4Y2I0=
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6Ly9maW5hbmNlLnlhaG9vLmNvbS9uZXdzL3doeS1zb2NpYWwtc2VjdXJpdHktbWlnaHQtYmUtdG=
hlLWxvc2VyLWZyb20tdGhlLXJlY2VudC1idWRnZXQtZGVhbC0xOTU3MDc0MDIuaHRtbD9fY2xkZ=
WU9WWk1cFoycGhZMnRpZFd4M1lYSnJRR2R0WVdsc0xtTnZiUSUzZCUzZCZyZWNpcGllbnRpZD1j=
b250YWN0LTlhNjE1MmEzN2NhYWU5MTFhOTdmMDAwZDNhMThjYjQ3LWViMmRmY2EwNjFjZTQzYjh=
iZDhiYWY4ZTI0MjZiZDEzJnV0bV9zb3VyY2U9Q2xpY2tEaW1lbnNpb25zJnV0bV9tZWRpdW09ZW=
1haWwmdXRtX2NhbXBhaWduPVByb2plY3QlMjBVcGRhdGUlMjAlN0MlMjBFY29ub21pYyUyMFBvb=
GljeSZlc2lkPTc1Njg0ZjZmLWY0YjItZTkxMS1hOTgyLTAwMGQzYTE4YzIzYw&K=3D7MEoaI_JV=
QQDRsSl0YOXlw"><strong>Why Social Security might be a loser of the recent b=
udget deal </strong></a></span></div>
<a style=3D"text-decoration: none; color:#e63a45;" href=3D"[link removed]
ckdimensions.com/c/4/?T=3DMTE3NDM3Mzc%3AMDItYjE5MjEyLWVmMGE2NjE3YjUzMjQ0NjN=
hNDZiYTU4NGFkMGY3MWYx%3AYi5pZ2phY2tidWx3YXJrQGdtYWlsLmNvbQ%3AY29udGFjdC05YT=
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NkJTNkJnJlY2lwaWVudGlkPWNvbnRhY3QtOWE2MTUyYTM3Y2FhZTkxMWE5N2YwMDBkM2ExOGNiN=
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NhMThjMjNj&K=3DUnc2u0sHai4ehoEerBt6Qw">
<span style=3D"font-size: 14px; line-height: 2; font-family: Verdana; color=
: rgb(95, 96, 98);"><em>Yahoo Finance</em></span>
<div></div>
</a></td></tr></tbody></table></td>
</tr>
</table>
</td>
</tr>
<tr>
<td style=3D"padding-top:0px;padding-bottom:0px;padding-left:=
0px;padding-right:0px;">
<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" ali=
gn=3D"center">
<tr>
<td style=3D"width:200px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:200px;" border=3D"0" cellpadding=
=3D"5" cellspacing=3D"0" style=3D"width:100%"><tbody><tr><td valign=3D"top"=
align=3D"center"><a href=3D'[link removed]
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oP4WMIGLZN2M8w' class=3D'imageLinkFinder' target=3D'_blank'><img src=3D"htt=
p://files.clickdimensions.com/bipartisanpolicyorg-a5ii9/images/media_logos/=
600pixelswide/medialogos/associatedpress.png" alt=3D"" imageplustext=3D"ima=
ge" style=3D"width: 150px; height: 150px; border-width: 0px;" width=3D"150"=
height=3D"150"></a></td></tr></tbody></table></td>
<td style=3D"width:400px;vertical-align:top;background-=
color:transparent;"><table style=3D"width:400px;" width=3D"100%" border=3D"=
0" cellpadding=3D"5" cellspacing=3D"0"><tbody><tr><td id=3D"textOnlyTD" val=
ign=3D"top" align=3D"left"><div><span style=3D"font-size: 15px; font-family=
: Verdana; color: rgb(227, 59, 69);"><a style=3D"text-decoration: none; col=
or:#e63a45;" href=3D"[link removed]
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3QtOWE2MTUyYTM3Y2FhZTkxMWE5N2YwMDBkM2ExOGNiNDctZWIyZGZjYTA2MWNlNDNiOGJkOGJh=
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BNJtJQ"><strong>New report: US government faces potential default in Sept.<=
/strong></a></span></div>
<a style=3D"text-decoration: none; color:#e63a45;" href=3D"[link removed]
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[]
 
Dear John,
 
Two items have been the focus for our team over the past month:
*
The public trustees for Social Security released their annual report on the program’s finances last month, showing the primary trust fund one year closer to depletion in 2034. We highlighted these findings in an event with the program’s chief actuary and its two former public trustees, as well as a series of charts describing the key takeaways.
*
As tax season came to a close, we released a report detailing the administrative burden that the complexity of the tax code places on everyday Americans. Our companion event highlighted that policymakers need to pursue practical solutions that would improve operations of the IRS and result in a more efficient, less onerous system for collecting the nation’s revenues.
Additionally, with President Trump’s decision to increase tariffs on $200 billion of Chinese goods and China announcing it is placing tariffs on more than 5,000 U.S. products, BPC senior vice president Bill Hoagland wrote in USA Today [[link removed]] that America's farmers now have to add trade policy as another unknown to their business model. Hoagland stresses that agriculture producers shouldn't have to worry about an escalating trade war.
 
Last but not least, the Funding Our Future campaign is continuing to grow its reach with new organizational partners and subscribers. If you haven’t already, sign up [[link removed]] to receive the latest updates on the coalition that is working to improve retirement security in America.
 
Shai Akabas
Director of Economic Policy
 
​Social Security's Financial Challenge
 
The Financial Future of Social Security: Highlights from the Trustees’ 2019 Report [[link removed]]
 
Following the release of the 2019 Social Security trustees’ report, BPC partnered with the Funding Our Future [[link removed]] campaign to host a public conference call with the chief actuary for Social Security and the former public trustees for Social Security and Medicare to discuss key takeaways and the future of the programs.
 
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Understanding the New Social Security Projections in Five Charts [[link removed]]
To help you better understand the projections in the 2019 Social Security trustees’ report, BPC staff has the main points boiled down into five charts.
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Ticking Clocks for Social Security and Medicare [[link removed]]
Associate director Tim Shaw was a guest on BPC’s podcast, Pints and Policy, to discuss the latest projections on when the trust funds for Social Security and Medicare will dry up and why treading water for these programs isn’t enough.
 
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​Improving Implementation of the Tax System
 
Tax Administration: Compliance, Complexity, and Capacity [[link removed]]
In April, BPC released a new report, Tax Administration: Compliance, Complexity, and Capacity [[link removed]], highlighting ways to make the U.S. tax system more efficient and equitable. The release was accompanied by a conference call featuring the report’s co-authors, Jason Fichtner, Bill Gale, and Jeff Trinca, as well as additional experts. Rep. Judy Chu (D-CA) closed out the event by highlighting congressional priorities in this area and ways to reduce the administrative burden on federal taxpayers.
 
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Dreams of a Return-Free Tax Filing System [[link removed]]
The New York Times editorial board was the latest to call for a return-free tax filing system. In response, Shai Akabas and BPC economic research analyst Kody Carmody explain that, while the U.S. tax system is in desperate need of improvement, return-free filing is a distraction from crucial reforms that could relieve millions of Americans, especially the most vulnerable tax filers, from the headaches and nightmares associated with filing taxes today.
 
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If Your Taxes Are a Complicated Mess, You’re Not Alone [[link removed]]
BPC Fellow Jason Fichtner’s column in Roll Call points to three fundamental issues with our tax system and potentials avenues for reform. He writes, “none of these proposals is a panacea, and they are just a start toward fixing the longer-term problems facing the U.S. tax system. As attention is called to these issues, Congress should continue to work toward tax administration reforms that will lower costs, improve the experience for filers and prevent evasion.”
 
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The Complexity of America’s Tax Code [[link removed]]
Kody Carmody joined Pints and Policy to talk about Tax Day and why lots of Americans continue to find the process of filing their taxes confusing and cumbersome.
 
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In The News 
 
Trump's 2020 Budget Delivers Gimmicks, Soaring Debt and Broken Promises
USA Today
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Lawmakers Push New Retirement Legislation
The Wall Street Journal
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Social Security is Approaching Crisis Territory
The Hill
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Nightly Business Report: Shai Akabas on Retirement Security
CNBC
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Social Security is Drying Up. This Plan Could Save It
CNN
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Trump Administration Pushes for Quick Action to Raise Debt Limit
The Washington Post
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We are deeply saddened by the passing of our dear friend Alice Rivlin. For nearly 10 years, Alice played a pivotal role in the life of our organization. From fiscal policy to health care policy, she was a fierce advocate for finding bipartisan solutions to our nation’s toughest challenges.
 
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​Bipartisan Policy Center  
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