It’s that time of year. Those of us who wait until the last minute are rushing to get tax returns filed (or extensions submitted).
So it’s also a good time to remind ourselves that there is a better way.
Economists look at the tax system and focus on the warts that undermine growth.
- High marginal tax rates on productive behavior.
- Pervasive double taxation on income that is saved and invested.
- Ubiquitous loopholes that lure people into inefficient choices.
- International rules that reduce competitiveness.
Other people focus on the immorality of the tax code.
- Special provisions for the politically powerful.
- Abusive and biased behavior by the IRS.
- Indecipherable complexity and corruption.
- Politicians using the tax code to extort campaign contributions.
Most of these problems have existed for decades and are familiar to people who have the misfortune of working for tax reform.
But every so often, policy…
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