Paul L. Caron
Dean


Wednesday, April 17, 2019

The Best Single Change to the Tax Code? We Have 7 Ideas

Bloomberg, The Best Single Change to the Tax Code? We Have 7 Ideas:

The Tax Cuts and Jobs Act of 2017 left some Americans celebrating their gains, others decrying losses, and a good chunk of the nation unsure of what to think, actually. That’s to be expected – it will take time to understand the true impact of such sweeping changes. ... [W]e we posed a simpler question to our columnists: What single change in tax policy would do the most good for the nation? They offered the following suggestions.

  1. Make the Tax Credit for Children Permanent
  2. Take Down the Stepped-Up Basis
  3. Increase Taxes on Long-Term Capital Gains
  4. QBI Deduction for All
  5. Lower the Estate Tax Threshold
  6. Stop Encouraging Corporate Debt
  7. Double the Childless EITC

https://taxprof.typepad.com/taxprof_blog/2019/04/the-best-single-change-to-the-tax-code-we-have-7-ideas.html

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Comments

This says more about your columnists than it does about what are good ideas for the nation.

Posted by: ruralcounsel | Apr 18, 2019 3:43:18 AM

Not even close. If you believe we must simplify the Tax Code before the IRS gives up completely, here are the big ones:

1. Eliminate capital gains and lower the tax rates to make this revenue neutral.
2. Eliminate all itemized deductions and lower the tax rates to make this revenue neutral.

3. Eliminate all tax credits and lower the tax rates to make this revenue neutral.

These three changes would enable the IRS to do it's job instead of dangling in the wind. It would also eliminate most of the social engineering built into the Tax Code and return it to its historical role of raising revenue for the federal government.

Posted by: Dale Spradling | Apr 18, 2019 8:47:29 AM