Individual Taxes: TaxVoxTax reform proposals are busting out all over. Today, senators Ron Wyden (D-OR.) and Judd Gregg (R-NH) rolled out their version of a simplified, relatively low-rate individual and business tax system. The plan retains the basic structure of the income tax and has the feel of the landmark 1986 tax reform. Yet, it tilts towards a consumption tax for businesses. As in ‘86, the goal seems to be revenue-neutral reform, rather than an attempt to raise more revenue by restructuring the Tax Code. Depending on your point of view, this could be either a missed opportunity or a sensible idea.
February 23, 2010Howard Gleckman