AICPA suggests that Select Committee follow principles of good tax policy

I am pleased to see the AICPA Tax Division send a letter to the Joint Select Committee on Deficit Reduction (the one to create a plan to reduce the deficit by $1.5 trillion). The letter suggests the importance of following principles of good tax policy. Per the introduction of the letter:

"The public meetings of the Select Committee have evidenced an interest on the part of at least some members in addressing tax reform as part of your process. The AICPA has published four Tax Policy Concept Statements which discuss various principles of good tax policy, which we believe can frame any discussion of tax reform. This letter contains a high level summary of each of these statements, as well as links to the complete documents on our website."

It is a nice summary of four sets of policy statements the AICPA has released on principles of good tax policy. This work started in the 1990s when the AICPA was looking at what it might be able to add to the tax reform discussions underway in the mid-1990s. I was serving on the AICPA's tax policy and legislation committee at the time and got the opportunity to take the lead on the tax policy statement.

I encourage reading of the letter - it is a nice reminder of principles that can help bring some objectivity to tax reform discussions. Click here for the letter.