by Chris Edwards
read more HERE
President Obama has a new budget and a new Treasury study that promise “tax reform.” He says that he wants to abolish “dozens of tax loopholes,” but he also proposes a boatload of new special-interest tax breaks. The president says that he wants everyone to “play by the same rules.” His tax plan does the opposite.
Serious economists know that tax reform means lower marginal tax rates, simplification and a neutral tax base that doesn’t distort investment. Those were the goals of the bipartisan Tax Reform Act of 1986 and of many reform proposals since. However, that basic understanding of tax reform has eluded the Obama administration.
I would think that our well-educated, highly resourceful politicians could fix the tax code to make it simpler and fairer to the American people.
Oh shucks…nevermind…I’m thinking out loud again.