Tax Reform

“A Bipartisan Plan for Tax Reform”, from Senators JUDD GREGG (R – NH) and RON WYDEN (D – Oregon):

“By streamlining and modernizing the outdated tax code, our proposal would eliminate many of the specialized tax breaks that currently benefit one group of Americans over another. The changes we propose will create policies that benefit everyone. They include: fiscally responsible middle-class tax cuts, business tax breaks to help American companies compete globally and create jobs, and a fairer and simpler tax system for all Americans.”

The Bipartisan Tax Fairness and Simplification Act of 2010 (S.3018) would reduce the number of marginal tax brackets from six to three, with marginal rates of 15%, 25%, and 35%, while eliminating most tax deductions and credits (not those for mortgage interest, charitable deductions, or child care).  The Senate Finance Committee has the bill, and must send it to the Senate floor for a vote.  Most good ideas die in committee . . . . We continue to believe that the only way to reform the Congress is to bring a package of ideas, such as our Pledge of Fiscal Responsibility, to the voters as part of the campaign platforms of scores of candidates.

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1 Comment
  1. Dan Hazard says:

    Lets hope—no, let’s demand—that we get a fairer, simpler, and flatter income tax through a bi-partisan bill. With 48% of the individual US tax filers not paying taxes due to a variety of excessive and often inane deductions, let’s go with a fixed rate federal tax . Many states already have or offer a fixed rate state income tax or as an alternative tax method such as RI.
    Almost every other tax we pay is fixed such as sales tax, and property taxes and social security, why not federal taxes?????

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