Here are three things Congress should be including in tax reform—so that we can all dread April 15 a little less.
1. Lower tax rates.
The most obvious way to improve everyone’s year: Lower tax rates for individuals and businesses. President Obama often talks about closing tax “loopholes”—but he really means raising taxes. Camp asserts that “If loopholes are closed, Americans should get the benefit by way of lower rates.”
And for those interested in squeezing the rich—don’t worry, they’ll always be paying more taxes. As Moore notes, “the evidence from history shows that lower tax rates are usually associated with higher overall tax receipts and more taxes paid by the rich.”
2. Simplify, simplify, simplify.
How much paperwork are you dealing with this tax season? Sure, the infamous Form 1040 is only two pages, but the general instructions for it total 104 pages.