Here are two people raising some of these other items:
- Larry Summers, former Treasury Secretary under President Clinton - he has an article in the 12/16/12 Financial Times - "How to fix costly and unjust US tax system." He questions the like-kind exchange rules which usually applies to a form of sales, as well as sheltering income in Bermuda. He also asks why certain valuation rules allow some individuals to accumulate millions of dollars in tax-free IRAs while most individuals are limited to only contributing $5,000 per year.
- Senator Coburn has a few reports (including one available for $9.99 on Amazon/Kindle), that lists many obscure provisions in need of reform (mostly elimination). He notes the special 7-year depreciation life for NASCAR racetracks. He also questions reforestation preferences, economic development incentives (such as the New Markets Tax Credit), and the low-income housing credit (which he describes as inefficient). His proposals raise just under $1 trillion over 10 years. See his "Back in Black" report on the web or Amazon.
What do you think?