Tax Policy

Columnist’s Headline: “Think twice before changing the tax rules to soak billionaires”

Right. Better yet, think eight or nine times. The Internal Revenue Code is enormously complicated. Impulsively enacted changes can cause deleterious unintended consequences. But that doesn’t mean that the U.S. doesn’t need a much more progressive tax structure. A special commission composed of honorable experts should be appointed to study how the Code should be revised and what supporting measures should be enacted to efficiently and fairly raise revenue and reverse the trend toward ever greater income inequality.

There’s not the faintest reason to have the faintest hope that such a thing can happen.