Tax Reform Is Very Much Alive and Doable." They acknowledge that there are partisan differences that can cause problems, but still think it can be done in an open, transparent way with opportunity for the public to weigh in.
They also state they have agreed on "three fundamental principles to ensure that tax reform grows and expands the economy." These are:
- Boost for America's families - they describe this as accomplished by simplification so "regular families" are not disadvantaged compared to "those who can afford high-price tax advisers." They want to keep the current progressive system and "close special-interest loopholes to help lower rates."
- Level the playing field for US employers - improve international competitiveness.
- Parity for small businesses relative to larger businesses.
I also think it is doable. I think greater public awareness is needed on the over 200 special tax rules in the income tax and their effect relative to lower rates for all taxpayers. To better meet principles of good tax policy, we will need to have a simpler system with few special rules. We'll see how doable that is.
What do you think?