Will Lawmakers Miss a Golden Opportunity for Tax Reform?
Posted at 9:30 a.m. on Dec. 4, 2012
Lawmakers and pundits are consumed by the looming “fiscal cliff” that is set to go into effect at the end of the year, but an equally important concern is that “Congress will solve the problem badly, missing a once-in-a-generation opportunity to design a better tax system,” according to Betsey Stevenson and Justin Wolfers.
“Current rhetoric suggests that Congress will employ the same design principles that undergird our current shambolic tax system… Just capping deductions at $25,000, as lawmakers are currently considering doing, isn’t enough. It’s Congress at its least courageous, refusing to ask the harder question of which tax breaks make sense.”
“We should raise the bar on our policy makers. Avoiding the fiscal cliff with yet another Rube Goldberg fix isn’t good enough.”