Federal Reserve chairman Ben Bernanke said Tuesday the US needs to soon come up with a plan to cut the budget deficit, urging President Barack Obama’s debt commission to look at how the tax system can be changed. Speaking to the bipartisan commission, Bernanke stressed that an economy is stronger when taxes aren’t too high and are collected in an efficient, equitable and transparent way. “At present, a broad consensus exists that the US tax code does not satisfy these criteria and is in need of reform,” Bernanke said.

Federal Reserve chairman Ben Bernanke said Tuesday the US needs to soon come up with a plan to cut the budget deficit, urging President Barack Obama’s debt commission to look at how the tax system can be changed. Speaking to the bipartisan commission, Bernanke stressed that an economy is stronger when taxes aren’t too high and are collected in an efficient, equitable and transparent way. “At present, a broad consensus exists that the US tax code does not satisfy these criteria and is in need of reform,” Bernanke said.Federal Reserve chairman Ben Bernanke said Tuesday the US needs to soon come up with a plan to cut the budget deficit, urging President Barack Obama’s debt commission to look at how the tax system can be changed. Speaking to the bipartisan commission, Bernanke stressed that an economy is stronger when taxes aren’t too high and are collected in an efficient, equitable and transparent way. “At present, a broad consensus exists that the US tax code does not satisfy these criteria and is in need of reform,” Bernanke said.Federal Reserve chairman Ben Bernanke said Tuesday the US needs to soon come up with a plan to cut the budget deficit, urging President Barack Obama’s debt commission to look at how the tax system can be changed. Speaking to the bipartisan commission, Bernanke stressed that an economy is stronger when taxes aren’t too high and are collected in an efficient, equitable and transparent way. “At present, a broad consensus exists that the US tax code does not satisfy these criteria and is in need of reform,” Bernanke said.Federal Reserve chairman Ben Bernanke said Tuesday the US needs to soon come up with a plan to cut the budget deficit, urging President Barack Obama’s debt commission to look at how the tax system can be changed. Speaking to the bipartisan commission, Bernanke stressed that an economy is stronger when taxes aren’t too high and are collected in an efficient, equitable and transparent way. “At present, a broad consensus exists that the US tax code does not satisfy these criteria and is in need of reform,” Bernanke said.Realtors, home buyers and sellers are rushing to complete sales agreements before the tax credit for home purchases expires this week. Home buyers must have a deal by April 30 and close by June 30 to qualify for the federal tax break, up to $8,000 for first-timers and $6,500 for those merely moving to a different residence. Though the Treasury Department and the real estate industry have termed the program a success, helping 1.8m people buy homes, many tax policy experts say it has been singularly cost-ineffective: most of the $12.6bn in credits through end of February was collected by people who would have bought homes anyway or who in some cases were not even eligible.