The Committee for a Responsible Federal Budget yesterday released released a report on Tax Expenditures, which concluded:

Reforming tax expenditures could go a long way toward closing the fiscal gap. Moreover, the changes would improve the complex and inefficient tax system. Plus, as a matter of fiscal governance, transparency, and consistency, the murky world of tax expenditures needs to be brought into the central budget process. Tax expenditures should be subjected to the same annual scrutiny and discipline as the rest of the budget. In this context, Congress should immediately adopt a moratorium on the creation or expansion of new or current tax expenditures and undertake a thorough review, with the goal of reducing tax expenditures significantly over the next decade. Achieving this goal would enhance our economic efficiency and help us meet the nation’s fiscal challenges.