What lessons do you think were learned from TRA'86? How might such lessons be relevant to tax reform efforts today? Please share your ideas with others by posting a comment here. Thank you.
My question ties to a September 23, 2010 Senate Finance hearing - Tax Reform: Lessons from the Tax Reform Act of 1986.
For a summary of the hearing, see my article in the AICPA Tax Insider for 10/14/10 - here.
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2 comments:
If there is going to be another comprehensive reform, I think it is critical that there be some sort of strong freeze on the Code at that point. There may not be a constituional way to accomplish that. I deally it would take a super majority to do anything other than change the rates or make technical corrections.
Sadly, and at the risk of sounding overly cynical, I think the most important and relevant lesson to come out of TRA '86 is that tax reform is truly a function of the political winds. We need look no further than our tax code today to see how politics over the nearly 25 past years has re-shaped it vis-a-vis TRA '86. The hard reality is that nothing short of a constitutional amendment can or will give us any substantial or lasting tax reform.
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