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Simplifying the tax code will require removing special exemptions for certain interest groups. This is often rephrased as "raising the taxes on [group]" which g
by asciident 6y ago
Simplifying the tax code will require removing special exemptions for certain interest groups. This is often rephrased as "raising the taxes on [group]" which gets a lot of pushback. For example, raising the taxes on teachers, native americans, certain small businesses, public servants, antarctica scientists, students at for-profits, etc. It's hard to fight against that message.
- millstone 6y agoOne proposal here is to eliminate the ordinary income tax, and keep only the AMT, which is much simpler. The political advantage is that nobody gets a tax increase, and nobody's taxes get harder. And the revenue loss is surprisingly small - estimated at $63 billion annually in 2010 (though perhaps higher now due to the lower SALT limits). I am in camp-AMT-only and it seems like both parties could get on board.