Howard Gleckman breaks down the Wyden (D-OR) and Judd Gregg (R-NH) tax reform proposal:
While the details of this plan are interesting, what’s really important is the growing number of lawmakers who are thinking about tax reform. Representative Paul Ryan (R-WI.) has introduced a reform plan (his business provisions are somewhat similar to Wyden-Gregg). House Ways & Means Committee Chair Charles Rangel (D-NY) put a plan on the table a few years ago that was also built around lower rates and a broader base. Senate Finance Committee Chair Max Baucus (D-MT) periodically expresses his interest in reform. Taxes will inevitably be considered by President Obama’s deficit commission. And, of course, we patiently await a report from the Administration’s tax reform panel.
Slowly, but surely, tax reform is creeping into the public debate.
And about time. Since 1986, the whole system has become incomprehensible, unfair and unmanageable.