Friday, August 5, 2011
A golden opportunity for tax reform?
As I mentioned in an earlier post, I liked the deficit reduction proposals of the Gang of Six because it held out the hope of meaningful reform of income taxes. In short, given the deficit and debt mess we're in, the only hope for a policy-induced jump start for the economy is through a complete overhaul of our ridiculously inefficient means of raising federal government revenue. Stephen Moore, in today's Wall Street Journal, argues along these lines and recalls how one of the greatest legislative achievements of recent memory, the 1986 tax reform, was passed. I hope he's right that tax reform has something for both parties to like and, therefore, might actually have a chance.