President Bush’s Tax Advisory panel completed almost two years of work earlier this month and presented their recommendations. The results are…interesting.
Though politicians talk a lot about “tax reform,” substantial restructuring of the tax system happens just once in a generation, like the sighting of a rare comet.
Genuine tax reform, like the overhaul passed in 1986, requires a unique constellation of political and economic stars to line up, including Presidential leadership. In 1986, Congress cut a remarkable deal after six years of public pressure to close corporate loopholes, broaden the tax base, and reduce tax rates.