On April 28 Congress passed the $2.6 trillion budget resolution. The non-binding agreement between the House and Senate calls for $70 billion in tax cuts protected under reconciliation and $35 in cuts to mandatory programs. While most Republicans note that these strides will begin work towards reducing the deficit, Democrats have cited that the cuts to mandatory programs would significantly cut funding to safety-net programs that many low- moderate-income people rely upon, and that the tax cuts would raise the deficit significantly.

Last friday House Ways and Means Committee chairman Bill Thomas (R-CA) proposed more extreme cuts, and called for the House to make a "far bolder statement" in terms of spending cuts and tax reductions. He said that the spending cut numbers in the budget should be viewed as minimums and not maximums, while the amount set aside for tax cuts (most of which will go to the wealthy) should be viewed as a maximums and not minimums. The final budet resolution included more in tax cuts and less in mandatory savings than the House had originally passed in their resolution.

The tax cut reconciliation bill is slated to be completed in September.

The President's Advisory Panel on Tax Reform is accepting comments regarding ideas on how the tax code should be reformed to be more simple, fair, and more pro-growth.

The Center for American Progress has submitted comments to the tax panel with their ideas concerning responsible tax policy changes. Their letter can be read here. In January of this year the Center put together a tax plan outlining a "progressive approach to tax reform." Their plan raises about $500 billion when compared with the president's policies. Under their plan, 70 percent of the population would receive a tax reduction, while those making over $200,000 per year would see a tax increase. The Center submitted their comments on April 29.

The Tax Reform Panel will hold their next two meetings in Washington, D.C. These public meetings will take place on May 11th and 12th. The meetings will begin at 9:30 and will focus on specific options for tax reform. The location in TBA.