Simplifying the tax code makes sense
Published 6:03 pm Thursday, December 16, 2010
President Barack Obama was said to be pondering whether to make comprehensive tax reform a top legislative priority next year, but on Dec. 10 the White House stepped back from those comments.
We hope they go for it.
Simplifying the tax code would benefit all Americans and the economy. …
There are many reasons we hope that the administration moves forward with comprehensive tax reform. A simplification of the code would be popular among voters of both parties. (The president could sure use some good news on that front.)
A successful bipartisan overhaul would be the first small step in rebuilding voter confidence in Washington. More importantly, simplification would save millions of households the hassle of wasting time and money wrestling with tax codes that have grown needlessly complex. By lowering these extraneous costs, individual filers and business owners would have more incentive to be in compliance. …
This approach has been embraced by the president’s debt-reduction commission. It’s a more equitable way to tax Americans.
But the president should not stop there. Many economists believe the U.S. corporate tax rates – which are some of the highest in the world – have been chasing capital investment and businesses out of the country. We hope that Washington will finally take a serious look at these rates. After all, the best way to generate tax revenue is economic growth. …
The Denver Post