The President’s budget is out, and for the second year in a row it seeks to redefine tax reform to fit its own purposes.
The vast majority of policymakers view tax reform as embracing two fundamental goals:
- Increased simplicity for both taxpayers and the IRS; and
- Lower marginal tax rates imposed on a broader base of income.
The President’s budget , however, would take us in exactly the opposite direction. Rather than simplify the tax code, it would make it more complicated, and rather than move towards lower rates and a broader base of income, it would selectively lower and/or raise rates based …