, Columnist
Politics Isn't the Only Barrier to Real Tax Reform
Less money goes to special interests now than before the 1986 overhaul. That makes it harder to offset cuts.
Packwood and Bradley in simpler times.
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In the annals of U.S. tax overhauls, 1986 is the modern guidepost. That was when a Republican White House joined forces with a divided Congress to modernize and simplify the U.S. tax code, cutting taxes on most Americans and raising them for some powerful interest groups. It was the last piece of tax legislation to deserve the label “reform.”
Republicans promised another set of reforms this year, but have pretty much abandoned comprehensive change in favor of tax cuts, mainly for companies and wealthy individuals. Lacking offsetting revenue increases as significant as those of 1986, the proposals are likely to increase U.S. budget deficits and the national debt.