The beauty of tax reform is that it starts with a belief everyone shares: The current system is horrible. Monstrously complex, unfair and inefficient, the code has fewer friends in Washington than Mahmoud Ahmadinejab, and in principle, throwing it over for something simpler is a sure bipartisan crowd pleaser.
For starters, lowering the top bracket and corporate tax rates is long overdue, if only to bring us in line with other developed nations. And I don't have a problem with closing loopholes, which I see as essentially government manipulation of private behavior via the tax code. Anything to reduce the Byzantine nature of the tax code is a benefit to me.
But I suspect they won't go far enough; won't lower the rates enough, won't remove enough loopholes. Instead of a 60,000 - page tax code, we'll get a 30,000- page one. How long would it take for interest-group pressure and regulatory creep to return us to the same place we are now?
But I salute the effort.
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