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.
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