Push for tax reform growing

All of a sudden, there is a push for tax reform. It would really be nice if some of the proposals made by the Deficit Commission could be made into law, streamlining the tax code, lowering tax rates and limiting deductions. I just hope this is not just another piece of social engineering legislation.

Here is what President Obama said on December 9, 2010,

"I think we're going to have to have a conversation over the next year. And if you think about the last time we reformed our tax system back in 1986 -- it didn't happen right away, by the way. It required a lot of conversations among a lot of different parties. But people of good will came together and realized that if we eliminate what happens to the tax code every decade or so, loopholes get built in, special interest provisions get built in, the nominal rates end up high. But the actual tax rates that well-connected folks or people who have good accountants pay end up being a lot lower. Ordinary people end up getting squeezed."

"So typically, the idea is, simplifying the system, hopefully lowering rates, broadening the base -- that's something that I think most economists think would help us propel economic growth. But it's a very complicated conversation."

http://money.cnn.com/2010/12/10/news/economy/tax_reform/index.htm
Tax reform -- not just cuts -- needed
By Chris Isidore, senior writer, December 10, 2010: 10:58 AM ET

http://www.nytimes.com/2010/12/10/us/politics/10tax.htm
Obama Weighs a Broad Tax Overhaul
By JACKIE CALMES
Published: December 9, 2010

http://www.bloomberg.com/news/2010-12-10/obama-directs-his-staff-to-analyze-options-for-overhaul-of-u-s-tax-system.html
Obama Directs His Staff to Analyze Options for Overhaul of U.S. Tax System
By Nicholas Johnston - Dec 9, 2010 9:12 PM PT