Why Almost Everyone Is Wrong About Tax Reform
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Dec. 18 (Bloomberg) -- Almost everyone thinks we shouldbroaden the tax base; that is, reduce the number and size of taxdeductions, exclusions and credits.
The Bowles-Simpson fiscal-reform plan went after tax breaksso aggressively it was able to slash the deficit and still cuttax rates. Most conservative reformers follow that model. Eveneconomists who aren’t conservatives generally say the governmentshould raise revenue by getting rid of tax breaks before itraises rates. That is the position Republican leaders in theHouse and Senate have taken, too.