Politicians may seem hopelessly divided over taxes, but a closer look reveals that Republicans and Democrats are starting to reach a consensus on how to improve our nation’s tax system. Both parties agree that the tax code is too complex, contains too many loopholes, and causes harmful distortions in the economy. Leaders on both sides are even starting to agree on how to solve these problems, with similar policies appearing in various tax reform proposals from across the political spectrum.
Politicians often talk a good game about closing tax loopholes, but they are less forthcoming about which specific tax breaks they would scale back. However, a new report by the Center for American Progress dives into the specific changes that are likely to be enacted when lawmakers turn to tax policy by looking for common factors in various tax reform efforts from across the political spectrum, including proposals from President Obama, Rep. Dave Camp (R-Mich.), and Sens. Ron Wyden (D-Ore.) and Dan Coats (R-Ind.), among others.
The above excerpt was originally published in The Hill. Click here to view the full article.
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Director, Fiscal Policy