Is Tax Reform Politically Possible?

[Valin]

WSJ:

He may be the last optimist in Washington, but the House Ways and Means chairman says the need for faster economic growth and some cultivated bipartisanship can fix the tax code.

STEPHEN MOORE

8/10/12

 

It is now a daily routine: President Obama issues another class-warfare call to arms, demanding that the rich pay higher tax rates starting next year. Along the way he also takes derisive shots at Republicans in Congress, as Mr. Obama insists that they triple income- and investment-tax rates for the affluent next year.

 

His primary adversary in accomplishing that goal if he wins re-election is likely to be one of those Republicans in Congress: Dave Camp, chairman of the House Ways and Means Committee. Mr. Camp ridicules Obama's plans as a bullet aimed at "small businesses and investors, which will only further weaken the fragile economy."

 

His twin goals are, first, to back America away from the 2013 tax cliff "so that no one's taxes go up," and second to pass tax reform, creating what he calls "a fairer, flatter and simpler tax code that lowers rates, gets rid of lobbyist loopholes, and creates more growth and jobs." Those two goals are pretty much the polar opposite of what the president is seeking.

 

The surprise is that Mr. Camp remains upbeat about accomplishing both, including finally cracking the code on tax reform by the end of next year. It's a sure thing if Mitt Romney wins, he thinks, and even possible in a second Obama term. "The next president, no matter who that is, is going to have to lead on this issue," he insists.

 

(Snip)

[Pepper]

I am all for tax code replacement. An equitable and fair tax. Just don't let the fair tax proponents explain it. I still have a headache. @Valin

[Valin]

I am all for tax code replacement. An equitable and fair tax. Just don't let the fair tax proponents explain it. I still have a headache. @Valin

 

The *coming tax reform debate is going to make Healthcare look like a sunday school picnic. Because now we're talkin real money, and any kind of real meaningful reform is going to affect everyone....from major corporations, right on down to me in my cracker box Apt. The good news is Reality is going to force meaningful substantial reform on us, the bad news is Reality is going to force meaningful substantial reform on us.

 

 

*Make no mistake it is coming

[Draggingtree]

A Tax Reform Detour

 

By Senator Tom Coburn - August 13, 2012

 

When Washington confronts our crushing debt burden – and we will confront it either by choice or crisis – the solution will follow a path that is largely accepted among policymakers on both sides. Some form of comprehensive tax reform that lowers rates and broadens the tax base will accompany or precede fundamental entitlement reform. Put another way, tax reform is the policy and political bridge that will help us achieve a grand bargain and avert a European-style debt crisis.

As a matter of policy, tax reform is critical because it will help us create real growth and jobs like no other reform. Tax reform won’t just give us a tune up; it can help rebuild our economic engine for the 21st century. We waste more than $350 billion on tax compliance every year according to the Tax Foundation while another $2 trillion is sitting on the sidelines, due in part to uncertainty in the code. The last time Congress reformed the tax code was 26 years ago, which preceded the longest peacetime economic expansion in our history. Our country desperately needs that kind of growth – and revenue boost – again to help us avoid the collapse of our safety net.

As a political matter, tax reform is essential because read more

http://www.realclearpolitics.com/articles/2012/08/13/a_tax_reform_detour_115082.html

[Valin]

A Tax Reform Detour

 

By Senator Tom Coburn - August 13, 2012

 

When Washington confronts our crushing debt burden – and we will confront it either by choice or crisis

 

I've been saying this for some time now.